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whether KVP & SIP is eligible for Section 80C benefits

Vijay Kr. Mishra (prop.) (576 Points)

28 July 2010

whether KVP & SIP in Reliance are eligible for Section 80C benefits ?

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9 Replies

MAHENDRA KUMAR BAGRECHA (FCA) (1402 Points)
Replied 28 July 2010

Dear sir,

KVP(Kisan Vikas Patra) is not eligible for 80C.

CA AYUSH AGRAWAL (Kolkata-Pune-Mumbai) (26986 Points)
Replied 28 July 2010

Yes Agree........

and abt SIP in Reliance .......There are Certain Funds Which they are eligible for 80C.......

like growth Option fund.etc.

u have to see on their statement alwz written on statement

Dheeraj (Learner) (1100 Points)
Replied 28 July 2010

KVP is not allowed for deduction and no idea for SIP

CA Arindam Sain (Practice) (308 Points)
Replied 28 July 2010

Hi,

KVP is not an eligible investment U/S 80C....but any way if you invest, then there will be no TDS at the time of withdrawal... and so far SIP is concerned ...only Tax Saving ELSS(Equity Link Savings Scheme) are eligible to get deduction U/S 80C like Reliance Tax saver ELSS, Fidelity Tax advantage, SBI magnum Tax gain etc. and almost every mutual fund AMC 's has one or two tax savings fund. One more thing..... Reliance Growth Fund is not an eligible investment for 80C. But don't misinterpret Growth fund with Growth Option becoz all fund have growth option...... like wise tax saving fund also have growth option.

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 28 July 2010

KVP not eligible for 80 C

Regarding SIP in Mutual Funds only ELSS and Pension schemes are eligible for 80C .No other SIP other than the two is eligible for 80 C Deduction for example SIP in diversified Equity Funds,Debt Funds,Liquid Funds are not eligible for deduction under 80C

Nomula Sreenivasarao (DGM -Accounts) (163 Points)
Replied 28 July 2010

KISAN VIKAS PATRA NOT ELGIBLE,

SYSTEMATIC INVESTMENT PLAN IN RELIANCE , IT SHOULD BE DEPENDS UPON YOUR FUND. SOME OF THE MFS ARE TAX EXEMPTION FUNDS AND SOME FUNDS NOT ALLOWED. PLEASE CHECK YOUR NFL APPLICATION FOR THE MORE DETAILS. IF IT IS ELSS AND TAX EXEMPTED THAN ELIGIBLE. OTHER WIE NOT POSSIBLE..