Investment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 March 2012
I have invested Rs.50000/- towards term deposit with Kotak bank for one year.Can I able to avail this as deduction from the total income.
Please reply back
Please reply back
CMA Ramesh Krishnan
(Expert)
10 March 2012
No. 5 year fixed deposit under tax savings scheme only allowed deduction under 80C
31 March 2012
NO for making a FD with any Bank it is not permitted provided you have deposited for loc in period of 5 years u/s 80C. The interest accrued on FD shall also be chargeable to tax as income from other sources.
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