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Post Office Senior Citizen Savings Scheme (SCSS)

Tax queries 530 views 4 replies

My Senior Citizen Savings Scheme (SCSS) deposit (Rs. 1.5 lacs) with the Post Office, which is opened 5 years ago, is maturing on 5 Jan 2023. 
I have an option to:


(1) renew this deposit for another 3 years

or 

(2) close the deposit and get the amount credited to my post office savings account.

As the SCSS deposit is eligible for 80C deduction, can I avail of the deduction on the renewed deposit, for the current AY 2022-23, because this is tantamount to opening a fresh deposit for the AY 2022-23?

What about if I choose the second option and open a fresh new deposit with the maturity amount (of Rs. 1.5 lacs)?

Appreciate experts’ guidance.
 

Replies (4)
In case of renewal also you can claim deduction but for AY 2023-24 not For AY 2022-23
Yes you can also claim as per Chapter Vi

Sorry Sir, I meant FY2022-23 (AY 2023-24); thank you so much!

 

Thank you, Sir, for the guidance - but is it not that 80C part of Chapter VI? 


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