Exemption under 80 C

[THYAGARAJAN RAMAMURTI]

I would like to know if NRI   is eligible for Exemption under Section 80C by investing in a bank Deposit for Rs 1 lakh for 5 years

[CAGOPALJI AGRAWAL]

yes, NRI is eligible for the deduction.

AI Summary

NRI eligibility for Section 80C deductions confirmed for qualifying bank term deposits held for the prescribed tenure. An NRI may claim the Income Tax deduction available under Section 80C for investments in qualifying bank fixed or term deposits held for the prescribed lock-in period, provided the deposit meets statutory eligibility criteria and requisite documentation is maintained.