Post office investments and its income tax benefit
This query is : Resolved
31 July 2016
Situations:
1) I monthly deposit Rs.2000 to post office account opened in my own name
2) I monthly deposit Rs.1000 to post office account opened in the name of my daughter
3) I invest Rs.36000 to Post Office Time Deposit in FY 2015-16
Question :
Shall we claim these contributions as deduction?
If yes,
how we can show this as a deduction from Total Income?
How many year we can claim this,both monthly and Time deposit?
kindly answer me immediately
Situations:
1) I monthly deposit Rs.2000 to post office account opened in my own name
2) I monthly deposit Rs.1000 to post office account opened in the name of my daughter
3) I invest Rs.36000 to Post Office Time Deposit in FY 2015-16
Question :
Shall we claim these contributions as deduction?
If yes,
how we can show this as a deduction from Total Income?
How many year we can claim this,both monthly and Time deposit?
kindly answer me immediately
02 August 2016
Contribution to the post office cannot be considered as deduction from the total income.
02 August 2016
thank you madam...what about Post Office Time Deposit
02 August 2016
The post office has been assigned the status of banking institution. Thus the post office time deposit cannot be claimed as deduction.
02 August 2016
k madam...shall I ask one more question?
02 August 2016
Yes you can ask the requisite question. I would try to respond.
02 August 2016
thank u...Section 80 D deals with Medical insurance premium...what about health checkup,ie maximum Rs.5000 ? is this is applicable to assessees who didnot take medical insurance premium?
02 August 2016
The health check up can be claimed as medical allowance if you are drawing salary the limit for medical allowance is Rs.15000 per annum for individual, Rs.25000 if there is senior citizen in family member.
02 August 2016
k madam...i will message u later when i have doubt...kindly help me....thank u for your valuable time
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