Fd 50,000 with 5 yrs lock, how much to declare in 80c p.a.

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Matheshwaran V (Querist)
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18 October 2013 Hi,

I have Opened FD Account with Lakshmi Vilas Bank (Scheduled Commercial) for Rs. 50,000/- on 29th Aug 2013 with 5 Years Lock.

My Question is for FY 2013-2014 under 80C how much I can declare..?

1. is it exactly Rs.50,000/-
2. or I have to divide into 5 parts (per year) and put only Rs. 10,000/-

Please clarify me here,

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 October 2013 If the said FD is covered under 'Bank Term Deposit Scheme, 2006' then 80 C can be claimed for Rs. 50,000/- in FY 2013-14.

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Matheshwaran V

Matheshwaran V (Querist)
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18 October 2013 Thanks for your Reply,

But, that is Fixed Deposit, not Term Deposit.

Actually for that Rs. 50,000/- i'll get interest Rs. 29,955.4/-, means maturity value is 79955.4/-.

So, should I declare the interest amount 29,955.4 divides 5 around 6000/- for FY2013-14. correct..??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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18 October 2013 Interest accrued yearly can be declared yearly or the full interest can be shown in the year of maturity. The act has given two alternatives. Choice is yours.

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Matheshwaran V

Matheshwaran V (Querist)
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18 October 2013 Now, my doubt clarified..:)

Thanks for the same.

Matheshwaran V

Matheshwaran V (Querist)
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11 February 2014 Sir,

I think last time i was misunderstood your explanation.

I have given only 5990.00 u.s. 80C (Term Deposit) instead of giving it in Other Income column.

Please, reconfirm me once, should I need to put this 5990.00 in Other Income per Year and the Investment Amount 50,000.00 needs to be there in 80C (under Term Deposit) column.??

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