Sukanya Samriddhi Account 80C benefits & income tax exemption was not considered while launching the SSA scheme. However after some time Govt. has declared that Sukanya Samriddhi Account deposit eligible for section 80C deduction.
Now one can save income tax by depositing money in Sukanya Samriddhi Yojana. The maximum amount deposited under this scheme is 1.5 lakh. That means one can consume the entire spread of section 80C of income tax, if you have not done any other investments.
And the Sukanya samriddhi Interest 2016-17 is revised to 8.6% from last year’s 9.2%.
Sukanya Samriddhi Account with 80C Benefits
Is interest on Sukanya Samriddhi Account taxable? Is Sukanya Samriddhi Account maturity taxable? What is the Sukanya Samriddhi Yojana 80C deduction rule?
Let’s check out the Sukanya Samriddhi Scheme 80 C & other income tax benefits.
- One can get tax exemption of the deposited money under section 80C of income tax act 1961.
- The interest earned on this scheme on long term will not be taxable. After budget 2015 Sukanya Scheme has been declared as EEE scheme.
- The maturity value of the amount after 21 years is not taxable. Calculate maturity amount of Sukanya Samriddhi Yojana.
How to avail Sukanya Samriddhi Account 80C Tax Exemption?
As you know, one can open an account under the Sukanya Samriddhi Scheme in the name of a girl child. You can avail 80C tax benefits under Sukanya Samriddhi yojana on the deposited amount. You can mention about the contributed amount so that the same amount can be deducted from your tax due.
How much can you save with Sukanya Samriddhi Account Tax Benefits
Another part of Sukanya Samriddhi Account income tax benefits is, one can save huge tax amount by depositing in the SSA. Let’s check out how much one can save in reality by investing in this account
- For 10% bracket 15,000 amounts can be saved
- For 20% bracket 30,000 amounts can be saved
- For 30% bracket 45,000 amounts can be saved
Let’s consider about people with 10% bracket. If you deposit 1.5 lakh in one year then you can save 15,000 income taxes. Nothing new in this as this is applicable for any scheme under section 80C. The good thing is that the net yield every year might be 8.6% (current FY interest rate) in that case.
Also Check: List of banks to open Sukanya Samriddhi Account
Section 80C is already crowded with so many tax saving options. Now Sukanya Samriddhi Yojana Account with 80C is another entry. Finance Minister has to increase the limit of section 80C so that one can utilize these schemes to get maximum benefit. You can open Sukanya Samriddhi Account in post office or bank by visiting your nearest branch with the documents required for Sukanya Samriddhi Account.