Time deposit - 80c deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2017
Sir,
Whether fixed deposit can be taken as 80C deduction ?
For what maturity period ?
If so, it can be taken as deduction in the first year or otherwise.
If such deposit is withdrawn before maturity what happens on earlier deduction taken ?
Please let me know treatment of interest on such fixed deposit.
Whether fixed deposit can be taken as 80C deduction ?
For what maturity period ?
If so, it can be taken as deduction in the first year or otherwise.
If such deposit is withdrawn before maturity what happens on earlier deduction taken ?
Please let me know treatment of interest on such fixed deposit.
Message likes :
1 times
29 March 2017
1. Can be taken provided FD is covered under Banks Term Deposit Scheme,2006.
2. Deduction allowed only in the year of deposit.
3. Premature withdrawal is not permitted under the scheme.
4. Interest is taxable.
2. Deduction allowed only in the year of deposit.
3. Premature withdrawal is not permitted under the scheme.
4. Interest is taxable.
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 March 2017
What should be the period of maturity to enable to take deduction under Section 80C ?
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