sir
can a foreigner take deduction under chapter VI A,
thanks & regards
-shakti
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 21 March 2011
Nope, a foreigner can not take LIC policies in india, underwriting rules does not permit it. similer way banks and post offices offering chapter VIA instruments does not allow foreign national to open / invest.
Shriram Ramachandran
(IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd)
(492 Points)
Replied 21 March 2011
Sorry sir No where in the Income Tax Act has said that Chapter VI A deduction is not avaliable for the Foreigner. so Foreigner is also eligible for Chapter VI A deduction.
And u have discussed only about some part of 80 C but Chapter VI A Deduction comprises of series of Section 80.
For Example Foreigner is eligible for dedution if he donate for approved Charitable institution U/S 80G
Thanks If am wrong Plz correct Me.
R Shriram
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 21 March 2011
@ Shriram
Thanks for update,
usually VIA has major portion of 80C, balance are just notional, so i pointed out the common side only.
Shriram Ramachandran
(IPCC Student CWA Inter & Processing officer in GNSA Infotech Ltd)
(492 Points)
Replied 21 March 2011
Thank u sir.
R Shriram
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