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Investment

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 March 2012 I have invested Rs.50000/- towards term deposit with Kotak bank for one year.Can I able to avail this as deduction from the total income.

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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
10 March 2012 No. 5 year fixed deposit under tax savings scheme only allowed deduction under 80C
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
31 March 2012 NO for making a FD with any Bank it is not permitted provided you have deposited for loc in period of 5 years u/s 80C. The interest accrued on FD shall also be chargeable to tax as income from other sources.
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