80c deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2013
Is it necessary for 80C deduction that my fixed deposit should have 5 year locking period if in 3rd yr I encashed it what will be the consequences? Thanks
26 July 2013
Yes for deduction u/s 80C FD should be for 5 years. There are specific tax saving FD with lock in period of 5 years. If encashed before 5 years you will have to pay Tax on the entire amount.
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