Is eligible for deduction u/s 80c
This query is : Resolved
23 January 2013
whether accrued interest on tax saver fd is eligible for deduction u/s 80c. or not.
23 January 2013
Accrued interest on tax saver fd is not eleigible for deduction u/s 80C
23 January 2013
thanks,
can u explain it with reason.
can u explain it with reason.
23 January 2013
Savings eligible under section 80C is not covered the interest received on tax saver bonds. only NSC interest is considered. so it is not eligible for 80C deduction and taxable under Income from other sources
24 January 2013
I am not aware if there is a circular to the effect. I think you may be comparing it with NSC. In case of NSC, since what is to be considered is subscription to security, and in case of NSC, the accrued interest is also considered as a subscription to security it is eligible for 80C deduction.
Comparing this with term deposit there is a requirement that the term deposit be made for a fixed period of nnot less than 5 years. the accrued interest i dont think will be for a fixed period of not less than five years. and hence not eligible.
Comparing this with term deposit there is a requirement that the term deposit be made for a fixed period of nnot less than 5 years. the accrued interest i dont think will be for a fixed period of not less than five years. and hence not eligible.
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