80 c deductions

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2014 Dear Experts,

Please advice on the following.

I have invested 50,000 in FY 13-14 and claimed the deduction under 80C for FY 13-14

. Now if above 50k is still eligable to get dedction under 80C even for for FY 14-15 if I keep invested even the FY 15.

Regards

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 June 2014 no...you cannot claim more than the amount paid...

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2014 Dear Nikhil,

What I meant to ask that 50 K which I have invested and got deduction in FY 13-14 is eligable to get deduction even in FY 14-15 also? or should I freshly invest another 50 K in FY 14-15 in order to avail the deduction under 80C for FY 14-15.

Regards

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 June 2014 you are talking about 80C or 80CCG?

Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2014 Iam talking abount 80C .

To be clear in my question :

Say, during FY 13-14 I have invested 50 K in Axis Long Term Mutual Fund which is eligable for 80C deduction and I have avalied deduction while filing my return of income for FY 13-14.

Now, my question is same amount is again eligible to have 80c deduction in FY 14-15.

Regards

CA Rinkal

CA Rinkal (Expert)
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26 June 2014 NO..

it can not be claimed as deduction as it is not invested in current year.

for claiming deduction you have to invest fresh 50K.

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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26 June 2014 You have to invest freshly each year.

Anand Eriwal

Anand Eriwal (Expert)
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26 June 2014 80C Deduction is available only in the year in which you have paid..

since 50K u have invested in FY 13-14, the deduction of 50k would be available to you only in FY 13-14 ie AY 14-15...

For claiming fresh deduction, next year, please invest fresh amount .. you can also invest in other eligible items u/s 80C...

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Rupesh Jain

Rupesh Jain (Expert)
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26 June 2014 no u/s 80C deduction on the basis of payment. it is eligible for only year in which you make payment. you are not mention the fund nature in which you make investment.

minimum 2-3 lock period for eligible for deduction u/s 80C. if you withdraw then you have to pay tax with intt.