Hey friends kindly tell me dat if we had taken Banks FDR for income tax porpose last yr. and we took deduction fr it.Dan can we clain deduction for it in future also .By future here i mean can we take deduction in next four yrs. as that FDR is locked for 5 yrs.
Kindly reaply me for dis urgently.....
U/s 80C no deduction available for Bank FDR, if any specific investment made u/s 80C for which deduction allowed in this section, that is only available against amount invested & actually paid in current financial year.
| Originally posted by : avinash | ||
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U/s 80C no deduction available for Bank FDR, if any specific investment made u/s 80C for which deduction allowed in this section, that is only available against amount invested & actually paid in current financial year. |
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80C allows deduction for term deposit of 5 yrs or more with a scheduled bank ,so FDR would entitle you the deduction under 80C but it will allowed only in the year in which Fixed deposit is taken and not in the subsequent years.
If we do get FDR to 5 Years, and in the Financial Year Income Tax Rebate of the FDR is to take, Next year we'll get Fdr if the brakes had Rebte in Last Financial Year. That would be perfect. And Fdr to 5 Years before we can get a break??
Kindly reaply me for dis urgently.
CAclubindia
