A five year deposit has been taken for tax exemption purpose for my wife for Rs.40,000/-
The fixed deposit is maturing during February 2020. Shall I have to take and consider the interest amount or whole maturing amount (FD AMOUNT+INTEREST AMOUNT) in the taxable income or request the bankers to deduct the tax amount in the present salary tax slab.
Kindly reply.
Thanks and Regards
Sivakumar R
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Fixed Deposit
Replies (2)
Only interest part is taxable. Principal - no tax.
Thanks for your kind reply
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