80 c post office invt.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2013 Hi sir,
i am depositing in the post office (mahila prathan bachat yojna) Rs.1000 every month for 60 months (i.e for 5years) on behalf of my wife, and at the end of 5years my wife receive rs.72000. whether i can claim this Rs.60000 as a 80c deduction? and whether rs.72000 taxable to my wife?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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23 August 2013 Only Post office 5 years time deposit ( nature of fixed deposit) is only eligible for sec.80C deduction. so recurring deposit not eligible under 80C

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