80c deduction on senior citizen

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2014 I have a query Regarding IT Filing.I am a Senior Citizen and i have Made Fixed Deposit Rs.500000 Start Date 15-4-13 Maturity Date 19-12-14 Can i Claim Under Section 80c.
If I can Claim Please Clarify Documentation evidence.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 September 2014 No. You can not. Only 5 year Tax Saving FD is eligible for deduction u/s 80C.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2014 Thank you for your clarification dear Expert, I would like to know whether there is a Specifically mentioned FD as 'TAX SAVING FD' or General FD period of 5 years can be Considered.

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CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 September 2014 the ans is no as its for only 1 year and for 80C u need to invest for 5 years FD.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 September 2014 general FD for 5 years is enough there is no need of words tax savings or alike words.

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Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2014 Thank you Sir If there is any other Documentation evidence is avail.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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01 September 2014 refer sec 80C it clearly mentions that fd should be for 5 years for availing deduction u/s 80C

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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01 September 2014 Not all FD of 5 years are eligible for deduction u/s 80C. The FD should be covered under Bank Deposit Scheme 2006. These are specifically issued as Tax Saving FD. Tax Saving FD will also be mentioned in the FD Certificate.

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