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Bank fixed deposit deduction u/s80c

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Querist : Anonymous

Querist : Anonymous (Querist)

09 January 2012 Sir
maine bank se 500000.00 ki fixed deposit karali hai mujhe incometax mein u/s80c mein rebate milegi.meri post office mein rd and mis chal rahi hai kya iski 80c mein deduction milega.

CA Deepak S

CA Deepak S (Expert)
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10 January 2012 In order to claim Fixed deposit u/s 80c the the same should be tax saving fixed deposit.

The salient points of the scheme notification are; (a) Fixed tenure without premature withdrawal. (b) Year is defined as a financial year. (c) Amount limited to Rs. 100 minimum and Rs. 100,000 maximum. (d) Bank will issue a Fixed Deposit Receipt that shall be the basis of claiming tax benefit. e) Term deposit under this scheme cannot be pledged to secure a loan.

Not every Fixed deposits opened is eligible for 80C deduction. Ask the bank to open a tax saving fixed deposit.

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