Section 80 c of the income tax act
This query is : Resolved
C.S.MADHURANATH
(Querist)
29 September 2017
Sir,
INVESTMENT IN FIXED DEPOSIT OF 5 YEARS OR MORE ELIGIBLE FOR 80C BENEFIT:
QUERY NO 1: WHETHER INVESTMENT IN A CO-OPERATIVE BANK IS ELIGIBLE FOR THIS BENEFIT?
QUERY NO. 2: WHETHER RENEWAL OF DEPOSIT CAN BE CONSIDERED AS INVESTMENT?
THANKS
INVESTMENT IN FIXED DEPOSIT OF 5 YEARS OR MORE ELIGIBLE FOR 80C BENEFIT:
QUERY NO 1: WHETHER INVESTMENT IN A CO-OPERATIVE BANK IS ELIGIBLE FOR THIS BENEFIT?
QUERY NO. 2: WHETHER RENEWAL OF DEPOSIT CAN BE CONSIDERED AS INVESTMENT?
THANKS
CA R SEETHARAMAN
(Expert)
29 September 2017
1 Check whether they are having tax saving FD if not there go for PSU banks.
2 Make a fresh deposit. Renewals not allowed.
2 Make a fresh deposit. Renewals not allowed.
K Srinivas, CMA CS
(Expert)
29 September 2017
1. Deposits in Co operative banks are not allowed as deduction. 5 year fixed deposit must be in scheduled bank
K Srinivas, CMA CS
(Expert)
29 September 2017
2. Renewals are not eligible. Close the deposit on maturity of 5 years and open a fresh 5 year tax savings FD instead of renewing it
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