Whether Investment made in SIP is deductible or not as per Section 80C of Income tax Act ?
Vijay Kr. Mishra (prop.) (576 Points)
22 July 2009Whether Investment made in SIP is deductible or not as per Section 80C of Income tax Act ?
Bhavin
(Service)
(36 Points)
Replied 23 July 2009
In case the SIP is in ELSS, then it would qualify for the deduction u/s 80C
CA CS Amit Borade
(Chief Accountant)
(2828 Points)
Replied 23 July 2009
Yes... If the Investment fall under 80 C
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 23 July 2009
SIP Investment thru mutual funds for ELSS and Pension scheme is eligible for deduction under section 80C
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 23 July 2009
Kindly note that other Investments in SIP Like Diverrsified Equity Funds will not qualify for Deductions Under Section 80C
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 23 July 2009
It would depend on which scheme you are investing. it will depend from scheme to scheme
CA RAJENDRA PANDEY
(ACA B. Com AMFI NCFM NISM)
(327 Points)
Replied 23 July 2009
it will be deductible only when SIP is in ELSS fund with a lock-in-period of 3 years..........
Vivek Tibrewal-Kolkata
(Asst. Manager - Taxation)
(65 Points)
Replied 23 July 2009
As per Mr. Rajendra Kumar Pandey is Absolutely correct. The SIP (Systematic Investment Plan) must be in ELSS (Equity Link Savings Scheme) with 3 year Lock in Period for deduction U/s- 80C.
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
