FD deduction on Income Tax
This query is : Resolved
Sanjeev Sharma
(Querist)
28 July 2008
sir,
pls clarify me whether Fix deposit for 5years from the Post Office is eligible for deduction under 80C for the asses,ent year 2009-10.If yes On whose name this FD should be?I mean can it be on wife's name or minor daughter's name.
thanks
sanjeev sharma
pls clarify me whether Fix deposit for 5years from the Post Office is eligible for deduction under 80C for the asses,ent year 2009-10.If yes On whose name this FD should be?I mean can it be on wife's name or minor daughter's name.
thanks
sanjeev sharma
28 July 2008
Yes the deposit in FD for a period not less than 5 years is elegible for deduction u/s 80C. However, the same should be in the name of assessee only.
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