Dear sir,
Can I claim tax deduction u/s 80c for post office RD of five years? Some website saying can claim and some others saying can't. Please give clarification.
4 Replies
Deepak Gupta
(CA Student)
(15922 Points)
Replied 28 April 2018
5 yrs. post office FD/TD is allowed as deduction u/s 80C.
80C(2)(xxiv), "as five year time deposit in an account under the Post Office Time Deposit Rules, 1981".
Whereas post office recurring deposits are governed by, "Post Office Recurring Deposit Rules, 1981".
Hence, deduction u/s 80C is not allowed for post office RD.
Praveen
(Accounts Manager)
(31 Points)
Replied 28 April 2018
Hi mam,
Can you please tell me the section/sub section. I claimed already but some professional s not agreeing with this.
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