Exempt Income or Not ??

It can be claimed as deduction under section 80C......

Correct me if i am wrong...

 The investment can be claimed as 80C deduction. Interest is exempt U/s 10(15) i think. I am not sure about exemption 10(15) is a exhaustive section regarding most interest

Mr.Vijay Kr. Mishra

and

Sripada M

Interest received on Post Office Recurring Deposit - 5 Years Plan is not eligible for deduction u/s 80C.  As per the provisions of sub-claue (xxiv)  of sub-section (2) of Section 80C the sum deposited as five year deposit in an account under the Post Office Time Deposit Rules, 1981- the sum desposited in such Term Deposit with Post Office is eligible for exemption u/s 80C.

Best Wishes

Sathikonda

 No deduction or exemption is available for interest under PO recurring  deposit

Interest Received from Post- Office Recurring Deposit - 5 Years Plan is fully taxable as intt recd. from bank of saving account

No,  its Not a exempt income U/S 10(15). nor it can be claimed as deduction u/s 80C because it is payment which is exempt but not An income .

It is taxable under the head "Income from Other Sources".

The principle amount which have been given for fixed deposit of five years will be exempt, in the year in which deposit is made.

No deduction U/S 80C for Recurring Deposit

 Yup!

If the deposit is recurring it wont be available. But the amount which is being locked for 5 years or more will be exempt unser sec 80C

Dear friends,.

Interest Income from post office RD account is taxable.. taxable.. taxable..!!

it can't be claimed as deduction u/s 80C

When u have somany avenues which gives better return.. it is surprised.. that you have choosen po RD account..

God bless U

visuiyer

yes u can claim it u/s 80c income from post office deposit , pf , lic.etc. not doubt to cliam it as deduction u/s 80c chepter vii

Yupp Visu ps right.. right..right..!!

friends, to claim deduction u/s80c, payment should have been made for some specified purpose. so, no question of deduction u/s 80c arises. because interest received is income and a receipt. so interest is taxable under income from other sources.  its not exempt u/s 10(15), the section which provides for exemption of interest from some investments.