RAKESH JAIN (RETIRED COMPUTER PROFESSIONAL) (369 Points)
29 August 2012What is the exemption limit under 80C for FY 2012-13. By mistake, I invested in 80C FDs 2 times ,each time Rs. 1L. Is it allowed to invest in 80C FDs for more than 80C exemption limit? If not, how the mistake can be corrected? Thanking you in advance. RAKESH
CA. Subhash Dangi
(Chartered Accountant)
(1784 Points)
Replied 29 August 2012
Savings under section 80C is restricted to Rs. 1 lakh only for the FY 2012-13.
As u have invested in FD of Rs. 1 lakh each in 2 times, it is allowable only to the extent of Rs.1 lakh.
The option for U is to premature the FD of 1 lakh and invest the same in next FY for future tax planning.
RAKESH JAIN
(RETIRED COMPUTER PROFESSIONAL)
(369 Points)
Replied 29 August 2012
Thanks Mr. Dinesh. Hope TSS FD can be broken prematurely? I will check with bank. Best regards, RAKESH
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