Deduction u/s 80c
This query is : Resolved
Netai Saha
(Querist)
12 October 2011
I am in service and have an fixed deposit of Rs.30000.00 with nationalised bank.Is this amount elligible for deduction from gross total income u/s 80c if my total deduction u/s 80c does not exceed Rs.100000.00.
Suggest me.
Netai Saha
Suggest me.
Netai Saha
CA Ashwani Agarwal
(Expert)
12 October 2011
Fixed deposit is eligible u/s 80C only if it is of 5 years.
12 October 2011
Necessarily, the deposit should be under the 'bank term deposit scheme,2006' to qualify for 80C deduction.
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