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??
2 Replies
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)
(7548 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
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