Sec 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 August 2012 BANK FDR FOR FIVE YEARS IS ELIGIBLE FOR DEDUCTION UNDER SEC 80C.
I HAVE JOINT FD IN BANK FOR FIVE YEARS WITH MY MOTHER ON "EITHER OR SURVIVOR BASIS"..WHETHER THIS FD WOULD BE ELIGIBLE FOR DEDUCTION UNDER 80C????
PLZ.. EXPLAIN ME HOW BANK FDR IS ELIGIBLE AND WHAT ARE ITS CRITERIA????

U S Sharma

U S Sharma (Expert)
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17 August 2012 all FDR is not eligible,

check the face of FDR, there should be stamp for eligibility u/s 80C, and at the time of deposit, one has to opt for it, as these FDR can not be used as lien, or prematured encashment.

unless the stamp is there, its not eligible