dEAR sIR
I have made Fixed Deposit of Rs. 90000 for 5yrs
How much Deduction i get u/s 80c
and further for how many A.Y. THIS will be taken
Mihir
(Wealth Manager)
(5293 Points)
Replied 01 July 2014
You may claim this 90,000/- deposit in 5-year FD u/s 80C. Interest thereon shall be taxable.
Fenil Shah
(Audit & Tax Executive)
(402 Points)
Replied 01 July 2014
Deduction u/s 80C of Rs. 90,000 for the year of Investment.
CA PuRvI M!$rA
(-)
(2260 Points)
Replied 01 July 2014
U can claim the deduction only in the year in which you have invested.
CA Pooja Sharma
(Chartered Accountant)
(192 Points)
Replied 02 July 2014
80C allows deduction for FD of 5 yrs or more with a scheduled bank ,so you may claim deduction under 80C only in the year in which FD is made and not in the subsequent years.