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bank fixed deposit deduction

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Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2014 sir/mam,can an fixed deposit made for less than 5 years of period but after renewing it crosses 5 year period be claimed for 80 c deduction ? and is FD made on family members is eligible for deduction under 80c ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 July 2014 No. In the given case deduction u/s 80C can not be claimed. FD has to be done specifically as Tax Saving FD of 5 years. This is a different category if FD.

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Querist : Anonymous

Querist : Anonymous (Querist)

15 July 2014 thank you sir, but can fd made on family members be claimed as deduction?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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15 July 2014 FD made in assessee name only can be claimed as deduction.

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