Interest on Bank deposits 80C
This query is : Resolved
10 April 2008
Please to tell me is interest on Fixed deposits (Period 1 year) are eligible for deduction under section 80C?
10 April 2008
Interest on fixed deposit is taxable under the head "Income from Other sources"
10 April 2008
No you are not eligible for deduction under section 80C.
10 April 2008
THERE IS NO EXEMPTION UNDER 80C FOR INTEREST ON BANK FIXED DEPOSITS IRRESPECTIVE OF THE PERIOD OF DEPOSIT.
WHAT IS EXEMPTED UNDER 80 C IS DEPOSIT ITSELF IF MADE FOR A PERIOD OF 5 YEARS IN ANY SCHEDULED BANK PROVIDED THE BANK GIVES A CERTIFICATE TO THAT EFFECT.USUALLY SUCH DEPOSITS QUALIFYING FOR 80 C EXEMPTION ARE CALLED TAX SAVER DEPOSITS.
R.V.RAO
WHAT IS EXEMPTED UNDER 80 C IS DEPOSIT ITSELF IF MADE FOR A PERIOD OF 5 YEARS IN ANY SCHEDULED BANK PROVIDED THE BANK GIVES A CERTIFICATE TO THAT EFFECT.USUALLY SUCH DEPOSITS QUALIFYING FOR 80 C EXEMPTION ARE CALLED TAX SAVER DEPOSITS.
R.V.RAO
11 April 2008
no
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