Whether Post office savings - 1 year Term Deposit is eligible for deduction u/s 80C for Senior citizen employee

[Mahendra L]

Whether Post office savings - 1 year Term Deposit of ₹ 1,50,000/- is eligible for deduction u/s 80C for Senior citizen employee?

Please clarifiy as per the latest provision of Income Tax Act.

[Ganeshan Kalyani]

Deduction will eligible for post office savings scheme it the deposit is for 5years and above.

[KASTURI SETHI]

Yes I agree with Sh.Ganeshan Kalyani Sir.

[Mahendra L]

Thank you Sir.,

Have a nice day.,

AI Summary

Section 80C deduction: Post Office term deposits qualify only with a five-year minimum; short-term deposits not eligible.
Post Office time deposits are eligible for deduction under Section 80C only when they meet the statutory long-term tenure requirement; one-year or other short-term term deposits do not qualify for the deduction, and contributors agreed that a one-year Post Office term deposit is not eligible for deduction under Section 80C for a senior citizen employee.