Can we take deduction for a 5 year Tax Saving FD in any of the 5 years of its term if we didnot take it in the year of investment??
SALMA KHATUN (Student CA IPC / IPCC) (36 Points)
18 May 2016Can we take deduction for a 5 year Tax Saving FD in any of the 5 years of its term if we didnot take it in the year of investment??
Harshad Kanekar
(Taxation and Accounts Executive)
(314 Points)
Replied 18 May 2016
No.
Benefit of Investment in 5 Year Tax Saving FD is available in the year of Investment. Hence it is not preferred for investment as Capital gets blocked.
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