Related to exemption u/s 80c

This query is : Resolved

Raghav (Querist)
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28 February 2012 Dear Sir,

I have Demat account in SBI and I have purchased some equity 7 month back which is amount of Rs 45000/-.

Can I take the benefit of this U/s 80C or any other section of Income tax as I am salaried person otherwise I will have TDS Liabilities.

Kindly suggest me the same.I would be thankful to you.

Krishna Mohan

Krishna Mohan (Expert)
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28 February 2012 Equity shares purchased cannot be claimed as deduction U/s 80C. Only investment in mutual funds which are tax savers and where lock-in-period is 3 years are eligible for 80C.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 February 2012 Subscription to equity shares are eligible for deduction provided it should be an 'eligible issue of capital' as defined in section 80C(2)(xvii) of the Income tax Act,1961.

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