deduction u/s 80C
This query is : Resolved
Mantu Agarwal
(Querist)
26 March 2011
Dear Expert,
suppose I have made Rs 100000/- FD(Tax Saving) for 5 Year Term and claimed Rs 100000/- deduction u/s 80C. After the completion of 5 Year will that matured value ie Rs 150000/- will be taxable under Income Tax?
Thanking You.
suppose I have made Rs 100000/- FD(Tax Saving) for 5 Year Term and claimed Rs 100000/- deduction u/s 80C. After the completion of 5 Year will that matured value ie Rs 150000/- will be taxable under Income Tax?
Thanking You.
26 March 2011
No. Only the interest part will be taxable. i.e. Rs 50000/- as per given example.
CA.ViVeK M ACA
(Expert)
27 March 2011
At the time of making Tax saving investment, you can claim deduction for investment value.
At the time of redemption of investment, Interest accrued on the investment will part take the character of income and it will be get taxed under Income tax
At the time of redemption of investment, Interest accrued on the investment will part take the character of income and it will be get taxed under Income tax
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