80 C
This query is : Resolved
19 March 2009
fixed deposit investment in nationalised bank for long term is eligible u/s 80 C
19 March 2009
Yes. Its eligible but only when it is for more then 5 years TD.
CA Tilak Raj Sharma
(Expert)
19 March 2009
Deposit for more than 5 years as per the scheme framed by central Govt. (Not all the FDRs)
19 March 2009
i support MR. Sharma
K V Subba Rao
(Expert)
19 March 2009
Tenure of FD is not the criterion to decide eligibility for tax deduction. FD should have tax deduction feature. All FDs having tax deduction eligibility are for fixed term of five years.
19 March 2009
The FD should necessarily be under the 'Bank Deposit Scheme,2006' so as to qualify for deduction u/s 80C. For more details of the said scheme pl refer CBDT Notification 203 dt 28/7/2006.
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