80c deduction on senior citizen

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Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2014 I have a query Regarding IT Filing.I am a Senior Citizen and i have Made Fixed Deposit Rs.500000 Start Date 15-4-13 Maturity Date 19-12-14 Can i Claim Under Section 80c.
If I can Claim Please Clarify Documentation evidence.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

01 September 2014 No. You can not. Only 5 year Tax Saving FD is eligible for deduction u/s 80C.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2014 Thank you for your clarification dear Expert, I would like to know whether there is a Specifically mentioned FD as 'TAX SAVING FD' or General FD period of 5 years can be Considered.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

01 September 2014 the ans is no as its for only 1 year and for 80C u need to invest for 5 years FD.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

01 September 2014 general FD for 5 years is enough there is no need of words tax savings or alike words.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2014 Thank you Sir If there is any other Documentation evidence is avail.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)

01 September 2014 refer sec 80C it clearly mentions that fd should be for 5 years for availing deduction u/s 80C

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

01 September 2014 Not all FD of 5 years are eligible for deduction u/s 80C. The FD should be covered under Bank Deposit Scheme 2006. These are specifically issued as Tax Saving FD. Tax Saving FD will also be mentioned in the FD Certificate.

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