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Time deposit - 80c deduction

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Querist : Anonymous

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Querist : Anonymous (Querist)
29 March 2017 Sir,

Whether fixed deposit can be taken as 80C deduction ?
For what maturity period ?
If so, it can be taken as deduction in the first year or otherwise.

If such deposit is withdrawn before maturity what happens on earlier deduction taken ?

Please let me know treatment of interest on such fixed deposit.


29 March 2017 1. Can be taken provided FD is covered under Banks Term Deposit Scheme,2006.

2. Deduction allowed only in the year of deposit.

3. Premature withdrawal is not permitted under the scheme.

4. Interest is taxable.

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2017 What should be the period of maturity to enable to take deduction under Section 80C ?






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