Section 80 c deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 April 2018 If any senior citizen opened a FD of 5 Lakhs for 5 years then what is the tax treatment ?
Should I get the benefit of Section 80C for 5 consecutive years or i get deduction of 1,50,000 for one year only?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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03 April 2018 Get deduction of 1,50,000 for one year only.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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03 April 2018 Provided the deposit is under the 'Bank Term Deposit Scheme,2006' . Inference -
CBDT NOTIFICATION NO. 203/2006, DATED 28-7-2006

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CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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04 April 2018 Deduction allowed in year of purchase only.

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Querist : Anonymous

Querist : Anonymous (Querist)

04 April 2018 So, if my total income including pension and interest on FD is crossed the threshold limit of Rs. 3,00,000 (Senior Citizen) , so can I take the deduction of Section TTB Rs 50,000 from this financial year for filling the Form 15H. If I take this deduction according this section TTB then my total income would be less than Rs. 3,00,000.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 April 2018 Yes you can take the deduction as proposed.

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