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Fixed deposit

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Querist : Anonymous

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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




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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
01 May 2014 yes. still individual eligible for sec.80C deduction if the fixed deposit comes under tax savings scheme
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
01 May 2014 for the rules, you can refer this link:

https://www.bcasonline.org/circulars/circin.asp?660
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
01 May 2014 Agree with experts, Thanks for correction
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