Deductions under 80C

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One of my SCSS is maturing and if I renew it for another year without breaking it, can I claim deductions under sec 80C or should I open a fresh SCSS? May I request Experts to kindly guide me in the matter.
Replies (8)
You can not renew SCSS Account. you have to close old account and open a fresh account.
You will get 80C on opening fresh account.
The benefit of 80C is not applicable when SCSS is extended. It is allowed only in year of new investment.
Miss Mansi
Account under SCSS can not be extended.

You have to first withdraw and then deposit it into fresh SCSS account. On freshman investment into 80CC
Yes... I agreed to Miss Mansi Bhojani.,

Maturity of Senior Citizen’s Savings Scheme

Deposits made into a Senior Citizens’ Savings Scheme mature after 5 years calculated from the date of account opening. However, the account holder does have the option of extending the account for an additional 3 years after it has matured. This extension option is currently available just once and the extension request has to be made within 1 year of maturity of the SCSS account.  
Thanks a lot to all the respected experts. The SCSS is maturing shortly on completion of 5 years. It means I will have to close it and open afresh to avail benefits of 80C. No problems as the interest will be applicable as on date of extension/opening new one.

1. SCSS comes with the maturity of 5 years and at the end of 5 years, the account holder is having an option to extend once for 3 years within a period of 1 year from the date of maturity. 
2. However, for claiming deductions u/s 80C new account is to be opened and investment should be fresh in order to claim deductions. 
3. In your case renewal for another year without breaking it will not yield you deduction u/s 80C. The old account is to be closed and fresh account is to be opened and the year in which the account was opened sec 80C deduction will be available to the extent of the amount invested. 
Please correct me if the above solution has an alternative view. 

@ Mr. K k Nair., Yes... You can close after the maturity & open new one and avail the benefit of 80C...
@ Mansi
Yes - you are right. 👍
For 80C deduction, one has to close and then re-invest by opening new account.


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