DEDUCTIONS UNDER SECTION 80C

528 views
User Avatar

128 Points Posted on 10 August 2020

I had 3 FD's of of 1,00,000 each. These all matured on 05-04-19.

I deposited Lump Sum Amount of 3,00,000 in 5 year PO Time Deposit.

Whether I can claim deduction u/s 80C as these Investments are not out of Current income but from Previous Matured Investments.

 

  

0 Reply Share Follow
On 10 August 2020 at 10:25 Report
Replies (9)
Quick Summary
This discussion explores whether investments made from matured Fixed Deposits (FDs) into a 5-year Post Office Time Deposit qualify for deductions under Section 80C. While some contributors believe it's permissible as long as the investment is in a specified instrument and an 80C certificate is available, others raise concerns. They cite a rule suggesting that deductions are only allowed if the income used for investment is taxable in the current year, leading to some uncertainty.

User Avatar

32 Points Posted on 10 August 2020
Yes. you can claim the amount invested in tax saving time deposit provided you have the relevant 80 C certificate.
Reply
On 10 August 2020 at 10:39
User Avatar

128 Points Posted on 10 August 2020

My question is that Investments that I have done in TIme deposit are not from current income but from previous matured deposits.

So in that case whether exemption can claimed or not ?

.

Reply
On 10 August 2020 at 10:43
User Avatar

32 Points Posted on 10 August 2020
Yes, irrespective of when the income arrises, you can claim it as a deduction under 80C PROVIDED YOU HAVE 80C DEDUCTION CERTIFICATE.
1 Reply
On 10 August 2020 at 10:51
User Avatar

Article
122 Points Posted on 10 August 2020
Yes mr. chahat bansal, you can claim deduction u/s 80c for Time deposit.
1 Reply
On 10 August 2020 at 10:52
User Avatar

Practice
1639 Points Posted on 10 August 2020
According to me it is not possible to claim deduction as as per law the aggregate amount of the deductions of income so allowed in respect of the previous year or years preceding such previous year, shall be deemed to be the income of the assessee of such previous year and shall be liable to tax in the assessment year relevant to such previous year.meaning there by that amount of deduction claimed in the previius year such income must be from taxable in that previous year..
1 Reply
On 10 August 2020 at 18:05
User Avatar

128 Points Posted on 10 August 2020

There are controversial views, can't understand now to claim the same or not. 

Reply
On 10 August 2020 at 18:09
User Avatar

32 Points Posted on 10 August 2020
According to me, while claiming deduction under 80C, deduction is allowed if investment is made under specified investments. There is no specification under the income tax act as to whether there income should be from current year for claiming deduction.
1 Reply
On 10 August 2020 at 18:51
User Avatar

23 Points Posted on 10 September 2020
Full form of WEL?
Reply
On 10 September 2020 at 13:21
User Avatar

CONSULTING
1015 Points Posted on 02 October 2020

Several years ago, similar such rule was tried to be brought related to PPF contribution and 80C benefit. The rule was rescinded in the budget debates due to protests.

I dont think that your 80C contributions must come from the income of the same financial year.

Reply
On 02 October 2020 at 12:17

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topics :

  1. Query on scenario related to FAST DS 2026
  2. Audit Executive (Remote, India) - Ace Auditing Off
  3. GST Transaction On Used Clothing
  4. ITC availed on 5%-rate passenger transport (AC bus
  5. Extension of Due Date of AY 2026-27
  6. FAST DS 2026
  7. Does AIS GST Purchase aggregate GSTR-2B expenses?
  8. Form 26A - System has encountered some technical p
  9. Tool to convert GST invoice PDFs into Excel &#8212
  10. Revised or rectification or leave it?

More recent discussions | Post

Related Topics :

Loading

Latest Job Openings

View all
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details
Company
15 September 2026
Client-site CA associate

Aditya Muley and Co

Mumbai

CA

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
09 September 2026
Chartered Accountant

Aviv Global Private Limited

Ahmedabad

CA

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details