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80c deduction

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 June 2014 Sir i would like to know whether if an assesse has made an Fixed Deposit in Nationalized Bank .Is he eligible to get deduction under 80C Section
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
19 June 2014 Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are entitled for section 80C deduction.

Lock in Period is 5 year. It is called Tax Saving FD. Before making FD please ensure its a 5 Year Tax Saving FD.
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CA. Vipin Saini

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CA. Vipin Saini (Expert)
19 June 2014 Yes, Agreed with Mr. Sanjay Gupta.
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Rupesh Jain

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Rupesh Jain (Expert)
19 June 2014 you can make FD with bank or post office for tax saving purpose for 5 years and will eligible your investment amount u/s 80C up to rs. 100000/- with other mode of investments.
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