Section 80 c of the income tax act

This query is : Resolved

C.S.MADHURANATH

C.S.MADHURANATH (Querist)
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29 September 2017 Sir,
INVESTMENT IN FIXED DEPOSIT OF 5 YEARS OR MORE ELIGIBLE FOR 80C BENEFIT:
QUERY NO 1: WHETHER INVESTMENT IN A CO-OPERATIVE BANK IS ELIGIBLE FOR THIS BENEFIT?
QUERY NO. 2: WHETHER RENEWAL OF DEPOSIT CAN BE CONSIDERED AS INVESTMENT?
THANKS

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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29 September 2017 1 Check whether they are having tax saving FD if not there go for PSU banks.
2 Make a fresh deposit. Renewals not allowed.

K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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29 September 2017 1. Deposits in Co operative banks are not allowed as deduction. 5 year fixed deposit must be in scheduled bank

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K Srinivas, CMA CS

K Srinivas, CMA CS (Expert)
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29 September 2017 2. Renewals are not eligible. Close the deposit on maturity of 5 years and open a fresh 5 year tax savings FD instead of renewing it