IS post office senior citizen savings scheme eligible for 80c deduction?

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Mr.
82 Points Posted on 12 March 2021

I am asking about senior citizen savings scheme of post office - a family member who is 68 years old has invested about 5 lac this year in this scheme but now post office agent and one accountant says this scheme is not eligible for 80c tax benefit which says up to 1.5 lac deduction ...am confused...majority of internet websites say - it is eligible for 80 c tax savings.

 

 

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On 12 March 2021 at 21:24 Report
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Quick Summary
This discussion clarifies whether the Post Office Senior Citizen Savings Scheme (SCSS) is eligible for the Section 80C tax deduction. While the interest earned is taxable, the principal amount invested in the SCSS does qualify for the deduction of up to ₹1.5 lakh under Section 80C.

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Chartered Accountant
24588 Points Posted on 13 March 2021
The Investment made in this scheme is eligible for 80C deduction but the interest earned in this scheme is liable for tax as per slab
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On 13 March 2021 at 06:18
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17269 Points Posted on 13 March 2021
Deposit in post office SCSS account qualifies for 80C deduction.
1 Reply
On 13 March 2021 at 09:40

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