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?
Thanks
ANJALI NEGI
(Chartered Accountant)
(1263 Points)
Replied 09 January 2013
Yes u can avail the deduction under section 80C
CA SHIVAM TANDON
(0)
(76 Points)
Replied 09 January 2013
deduction only if if it is special tax saving fd.
otherwise deduction U/S 80c not allowed
CA Prashant Gupta
(DGM (F & A))
(14068 Points)
Replied 09 January 2013
CA Mohit Garg
(CS Student)
(213 Points)
Replied 09 January 2013
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.
manoj
(student)
(5205 Points)
Replied 09 January 2013
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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