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Can i get benefit u/s 80C

Tax queries 266 views 5 replies

Hi

My query is 

 

Suppose Mr. X made a tax saver FD of INR 50,000 on 01/01/2021 and dies on 25/03/2021 . after that nominee breaks and enchased the same FD in april 2021.

can legal heir get the benefit u/s 80C for the tax saver FD.

 

 

Replies (5)
No, legal heir can not get benefit.

Also if FD is encashed in Apr, it is better not to clear it in 80C for Prev FY

See, legal representative wants to take 80C benefit in ITR of deceased. 

You can take benefit in AY 21-22, but you will have to reverse that in AY 22-23, as you have withdrawn the FD
Agree with above comment
WHEN THE FD WAS INVESTED, INTEREST INCOME ACCRUING FROM FD WAS SHOWN IN INCOME FROM OTHER SOURCES .
NOW ON MATURITY EITHER THE SUM OF AMOUNT CAN BE RE-INVESTED OR If not credited into respective savings account of the individual account maintained at bank.Now this amount is taxable with respect to increase of the exemption limit as such.
Now the date of maturity is pertaining to the relevant previous year in which it has matured.


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