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fd deduction

veera (self) (287 Points)

27 June 2019

sir i am confuse in that topic if i invest 50000 in fd & it get int in it of 12000 rs in which amt i am able to get deduction under 80c. sir, plse clear my confusions ?

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3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 28 June 2019

If you invest 50.000/- in tax saver (5 Years) FD, you are eligible to 80C deduction over the investment part. Accrued Interest over it is taxable.

Suresh Thiyagarajan (Student) (3986 Points)
Replied 28 June 2019

1. The amount can be invested in Taxpayer deposit scheme to claim deductions u/s 80C.
2. The features of the scheme,
i) 5 years lock-in period
ii) Interest ranges from 6%-8% based on bank
iii) Interest earned is taxable under Income From Other Sources.
3. The maximum amount of investment that can be made in this is Rs. 1,50,000.
Please correct me if the above solution has an alternative view.