If I deposit an amount of Rs 1 Lakh in a FD for 5 years then will I get a deduction in Income Tax and in what section?
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Fd for 5 years deduction under 80c
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DEDUCTION U/S 80C....
Yes u can avail the deduction under section 80C
deduction only if if it is special tax saving fd.
otherwise deduction U/S 80c not allowed
deduction will be allowed only for tax saving FD.
u/s 80 C
not normal FD is eligible
Interest which will be received in these FDR will also available for deduction u/s 80C like interest on NSC.
What will happen if these FDr are prematured before completing 5 years.
these fd marked as tax saving fd also these are for 5 years
if u premature these the tax deduction u got will be revert back
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