80c deduction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2014 Sir i would like to know whether if an assesse has made an Fixed Deposit in Nationalized Bank .Is he eligible to get deduction under 80C Section

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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19 June 2014 Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are entitled for section 80C deduction.

Lock in Period is 5 year. It is called Tax Saving FD. Before making FD please ensure its a 5 Year Tax Saving FD.

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CA. Vipin Saini

CA. Vipin Saini (Expert)
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19 June 2014 Yes, Agreed with Mr. Sanjay Gupta.

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Rupesh Jain

Rupesh Jain (Expert)
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19 June 2014 you can make FD with bank or post office for tax saving purpose for 5 years and will eligible your investment amount u/s 80C up to rs. 100000/- with other mode of investments.