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80C Investment in Share Market Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on 80C Investment in Share Market Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is section 80C investment in share market taxation? |  |
Ans. Section 80C of the Income Tax Act allows taxpayers to claim deductions on certain investments and expenses. One of the eligible investments under this section is investing in the share market, which can help individuals reduce their taxable income by a certain amount.
| 2. How much deduction can be claimed under section 80C for share market investments? | |
Ans. Taxpayers can claim a deduction of up to Rs 1.5 lakh under section 80C for investments made in the share market. This deduction is applicable to various investment options such as Equity Linked Savings Schemes (ELSS) and other eligible securities.
| 3. Are there any specific conditions for claiming the deduction under section 80C for share market investments? | |
Ans. Yes, there are certain conditions that need to be fulfilled in order to claim the deduction under section 80C for share market investments. The investment should be held for a minimum lock-in period, typically three years for ELSS funds. Additionally, the taxpayer should provide necessary documents and proofs of the investment made.
| 4. Can I claim deductions for both principal amount and gains from share market investments under section 80C? | |
Ans. No, under section 80C, only the principal amount invested in the share market is eligible for deduction. Any gains or profits earned from these investments are taxable as per the applicable tax rules. However, individuals can explore other sections of the Income Tax Act to avail benefits on capital gains.
| 5. Are there any other investment options apart from the share market that qualify for deductions under section 80C? | |
Ans. Yes, apart from share market investments, there are several other options that qualify for deductions under section 80C. Some examples include life insurance premiums, National Savings Certificates (NSC), Public Provident Fund (PPF), Employee Provident Fund (EPF), and tuition fees paid for children's education. It is advisable to consult a tax expert or refer to the Income Tax Act for a comprehensive list of eligible investments.
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Nov 16, 2024 Last updated |
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