hello friends..
plz let me know whether investment in recurring deposit (R.D) A/c of Bank & Post office is allowed as deduction u/s 80C
if yes, what's the condition??
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Recurring deposit
Replies (2)
bank recurring deposits are not allowed as deduction under 80C ...but the post office deposit is allowed as ded. under 80 C
/articles/faq-on-section-80c-of-income-tax-act-part-2--8804.asp#.UTCpQqJvCQw
No it is not allowed as deduction. Only investments in Bank FD's for a period of 5 years is exempt u/s 80C
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