80c calcuation

As per sec 80 C, Life Insurance Premium, , PPF, ULIP of UTI & LICI could be in the name of spouse. Rest investments have to be in the name of climant of tax benefit. Minimum holding period in case of ULIP is 5 years and minimum continuance period in case of Life Indurance Poilicy is 2 years. if sold or discontinued before this period, the entire tax deductions taken in earlier years would be deemed to be income in the years of sale/discontunuance. Profit earned on ELSS, if sold back to Mutual Fund after holding for one year, becomes exempt from Income tax, othrwise it is taxable as Short Term Capital Gain.

Thanks Subodh! If I invest in a year (08-09) Rs 5000 and keeping it one year under ELSS, can I claim full deduction (Rs 5000) in (08-09) year? Any profit on sale after a year would be treated as taxable income? Does same rule applicable for any MF/Bond or only ELSS scheme? What about if I invested in shares? can I claim medical reimbursement u/s 17 by submitting bills from medical stores? plz elaborate