Fixed deposit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 May 2014
Dear Sir / Madam,
An individual invests in a fixed deposit for a period of 5 yrs. to avail tax exemption u/s 80C. In the same year of investment he takes a loan on Fixed deposit to pay unanticipated expenditure. I'm aware of the interest on fixed deposit attracts TDS.
I'd like to know whether the individual still eligible for the 80 C deduction on the year of investment
An individual invests in a fixed deposit for a period of 5 yrs. to avail tax exemption u/s 80C. In the same year of investment he takes a loan on Fixed deposit to pay unanticipated expenditure. I'm aware of the interest on fixed deposit attracts TDS.
I'd like to know whether the individual still eligible for the 80 C deduction on the year of investment
01 May 2014
yes. still individual eligible for sec.80C deduction if the fixed deposit comes under tax savings scheme
01 May 2014
Not eligible for 80C since the FD is pledged to avail a loan.
For details please see rule 9 of Bank Term Deposit Rules,2006.
For details please see rule 9 of Bank Term Deposit Rules,2006.
Message likes :
1 times
01 May 2014
for the rules, you can refer this link:
https://www.bcasonline.org/circulars/circin.asp?660
https://www.bcasonline.org/circulars/circin.asp?660
01 May 2014
Agree with experts, Thanks for correction
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