Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 20 March 2011
NO 80C Deduction is Not Available But 80CCF is Available jee..............
Rural Electrification Corporation (REC), has launched tax free infrastructure bond from January 12, 2011. The issue will close on March 28, 2011. REC Infrastructure Bond has 2 options Option 1 – Investment period of 10 years – Interest rate is 8.1% per year
Option 2 – Investment period of 10 years with buyback option after 5 years – Interest rate is 8%. Buyback option means investor can sell the bond back to REC after 5 year and take the money back.
The minimum investment amount in REC Infrastructure Bond is Rs 10,000. After Rs 10,000 investment bond can be purchased in additional investment amount of Rs 5,000. The bond can be purchased in demat and physical forms.
The bonds are proposed to be listed on BSE and NSE. Bonds can be sold on stock exchange only in demat format.
Read more: REC Long Term Infrastructure Bonds(u/s 80CCF) available now | SIMPLE TAX INDIA-TDS RATE INCOME TAX RATE
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 20 March 2011
| Originally posted by : krina | ||
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thanks alot sir 4 clarifing my doubt ....!! |
 |
Welcome jee...........
krina
(student)
(1263 Points)
Replied 20 March 2011
deduction 4 infrasture is alvailable under sec 80CCF over & above 80CC ??
i.e 20000 over & above 100000 in 80C
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 20 March 2011
| Originally posted by : krina | ||
|
|
deduction 4 infrasture is alvailable under sec 80CCF over & above 80CC ?? i.e 20000 over & above 100000 in 80C |
|
Yes..........
Section 80CCF of the Income Tax Act allows a maximum deduction of Rs. 20,000 in a financial year, in addition to the deduction of Rs. 100,000 under sections 80C for investments in long-term infrastructure bonds.
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 20 March 2011
80CCF
In exercise of the powers conferred by section 80CCF of the Income-tax Act, 1961 (43 of 1961), the Centrl Government hereby specifies bonds, as long-term infrastructure bonds for the purposes of the said section.
Subject to the conditions mantioned in the Attached file......
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 20 March 2011
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