Deduction

This query is : Resolved

shamsheer (Querist)
Follow

25 April 2012 sir, actually last FY 2011-2012. one employee invested in infra bonds. and i taken deduction under sec 80ccf. same employee again shown this year also that amount can i take this year as deduction or not. my question is actually he started to invest in infra bond LSAT year. that same investment is continuing this year is allowable as deduction or not plz help me

CMA Nishad Patkar

CMA Nishad Patkar (Expert)
Follow

25 April 2012 Yes it is allowed to amt. not exceeding Rs. 20000 U/S 80CCF

dhanwanti kourani

dhanwanti kourani (Expert)
Follow

26 April 2012 The deduction under section 80CCF is allowable upto a maximum of Rs. 20000/- in the previous year as subscription to notified long-term infrastructure bonds.The deduction for the same will be available in the year of investment only.

Upgrade to CAclubindia Pro. Subscribe Now!

Mihir Doshi

Mihir Doshi (Expert)
Follow

26 April 2012 Dear Shamsheer,

Your query pertains to year 2012-2013 Investment or 2011-2012. From FY 12-13 onwards, Govt has taken back the 80CCF deduction of Infra bonds for INR 20,000/-. In Current year 2012-2013, Honable FM has not announced for extension of 80CCF which is expired in FY 2011-12 only.

Thanks
Mihir Doshi