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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- EPF FULL & FINAL RULES IN 2026
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Experts need help
- Gift Received from nonblood relative
- Management System (IMS)
- FTS Taxable under 115A
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
