Exemption on fixed deposit

This query is : Resolved

kailash narayan (Querist)
Follow

11 October 2014 Dear Sir/Madam,

Let me explain over Fixed Deposit as query under mentioned -

1.if person take a fixed deposit on behalf of his child then he will exempt on income tax under section 80 C for FY 2014-15.

2.If yes then how much amount ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

11 October 2014 80C deduction will be available only if the Fixed Deposit is in 5 Years Tax Saving Fixed Deposit under Bank Term Deposit Rules 2006.

&

Fixed Deposit is in your name or Fixed Deposit is in Joint name with Child and father being the first holder.

For Fixed deposit Rules 2006 refer below link--

https://www.bcasonline.org/circulars/circin.asp?660

Limit of Rs 1 lac will be replaced by Rs 1.50 lacs

Message likes : 1 times