Deduction u/s 80(c)
This query is : Resolved
16 December 2015
Will fixed deposit with uco bank in the name of married some be elligible for deduction u/s 80(c)?Kindly give reasons for you answer.
16 December 2015
Dear anmol
A FD will be eligible for the deduction under section 80c only if it is a tax saving FD i.e FD with 5years or more lock in period is eligible.
Make FD for 5years or more maturity
A FD will be eligible for the deduction under section 80c only if it is a tax saving FD i.e FD with 5years or more lock in period is eligible.
Make FD for 5years or more maturity
16 December 2015
It should be in the name of the assessee. The investment in some other name is permitted as per sec 80 C (4) and not otherwise.
17 December 2015
Does bank matters in case of deduction or it is available for all banks?..
17 December 2015
Dear anmol
It does not matter which bank is this.
FD in any bank is eligible.
It does not matter which bank is this.
FD in any bank is eligible.
17 December 2015
Maximum deduction available is Rs.150000/-
17 December 2015
Section 80 C 2(xxi) as term deposit—
(a) for a fixed period of not less than five years with a scheduled bank; and
(b) which is in accordance with a scheme framed and notified, by the Central Government, in the Official Gazette for the purposes of this clause.
Explanation.—For the purposes of this clause, "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);
(a) for a fixed period of not less than five years with a scheduled bank; and
(b) which is in accordance with a scheme framed and notified, by the Central Government, in the Official Gazette for the purposes of this clause.
Explanation.—For the purposes of this clause, "scheduled bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), or a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), or a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), or any other bank, being a bank included in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934);
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17 December 2015
Ok....thnks a lot.👍🏻
17 December 2015
you are most welcome.
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22 December 2015
The amount should be deposited as FD ( in assessee's name only) in any scheduled bank under the BANK TERM DEPOSIT SCHEME, 2006.
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