Section 80C

ETAILS OF 80C

jayapreethi !
Section 80 C, with effect from 1-4-2006, provides that an assessee, being an Individual or a Hindu undivided family, will be alowed a deduction from GROSS TOTAL INCOME an amount not exceeding Rs. 1,00,000/- This exemption relates to deduction in respect of life insurance premium, provident fund, purchase of national savings certificates, ear marked bank deposits etc. For NSC lock-in-period is three years.

Dear Mr. Nanduri, You being a CA, I would not expect a vague answer but very specific answer to my question. I too can read Section 80C from the Act, so no need to mention what 80C says. Dear Reader, please read my question carefully and answer very specificaly to it. Regards, Ajay Gumbar

please give me some knowledege of income tax & new rule for income tax.

No proper answer received as yet??!!!

Regards,

Ajay Gumbar

Still no replies.. ?? Ajay

?????

It is 3 year lock in period. It is given in section 80C. Even when ever you will buy any tax saving mutual fund. Their statement will show that Lock in period is 3 year. All Tax saving mutual fund are 3 year lock in

As per clause 6 of section 80C lock in period for investment in sub section 2 shares ,securities etc.lock in period is 3 yerars.Further as per clause XIX of section80C(2) U CAN INVEST IN ELIGIBLE ISSUE REFFERED IN RULE 20 .THEREFOE NO DEDUCTION IS ALLOWED ON PURCHASES FROM SECONDARY MRKET.

Dear Amarjeet, Good work done.. Thats the answer I was looking for... Cheers!!! And a bit to correct you, its Sub Section (6) of Section 80C and not "Clause" (6) Anyways still good work done. Thanks. Ajay