hello friends..
plz let me know whether investment in recurring deposit (R.D) A/c of Bank & Post office is allowed as deduction u/s 80C
if yes, what's the condition??
shekhar ahuja (Accounts Officer) (42 Points)
01 March 2013hello friends..
plz let me know whether investment in recurring deposit (R.D) A/c of Bank & Post office is allowed as deduction u/s 80C
if yes, what's the condition??
Ankit
(Articles)
(390 Points)
Replied 01 March 2013
bank recurring deposits are not allowed as deduction under 80C ...but the post office deposit is allowed as ded. under 80 C
/articles/faq-on-section-80c-of-income-tax-act-part-2--8804.asp#.UTCpQqJvCQw
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 01 March 2013
No it is not allowed as deduction. Only investments in Bank FD's for a period of 5 years is exempt u/s 80C
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
CAclubindia
