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80 c deduction for renewed fd

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bhakti soni

CA Job

54 Points Posted on 01 December 2020

hi,

one of my five year fd has matured and I have renewed the same for another term of five years

can I claim fresh deduction under section 80c during the current year for the renewed amount?

thanks,

Replies (5)

Quick Summary

This discussion clarifies whether a fresh deduction under Section 80C can be claimed when a five-year fixed deposit (FD) matures and is renewed for another five-year term. The consensus among participants is that yes, you can indeed claim the deduction for the renewed amount, provided the original FD was eligible for 80C benefits.