Fixed Deposit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 June 2010 Hi
Respected Member

My freind made a Fixed deposit of Rs. 20000/- For a period of 5years for F.Y.9-10 made on 6Jan10, to avail 80C deduction.

So can he claim Rs. 20000/- as deduction u/s 80C for A.Y.10-11 and other rest of 4 years. i.e. 2oooo per year.

OR

He can claim only one time 20000 in A.Y. 2010-11.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 June 2010 He can claim only one time 20000 in A.Y. 2010-11.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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08 June 2010 He can claim only the AY-2010 -11 .Not more than that

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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09 June 2010 Deduction under section 80C will be allowed in the year of deposit only. The Fixed deposit should be made under the "Bank Term Deposit Scheme,2006" so as to get eligibility for deduction under the said section.

CA.Pujah

CA.Pujah (Expert)
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09 June 2010 Deduction u/s 80C is available on the basis of your pymt to prescribed schemes out of your taxable income during the relevant prev yr. So, deduction would be available only in the year of pymt not later. he needs to invest somewhere else in other years to avail the deduction.