Fd for 5 years deduction under 80c

RS (none) (298 Points)

09 January 2013

If I deposit an amount of Rs 1 Lakh in a FD for 5 years then will I get a deduction in Income Tax and in what section?

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8 Replies

pallav (still a learner....) (938 Points)
Replied 09 January 2013

DEDUCTION U/S 80C....

ANJALI NEGI (Chartered Accountant) (1263 Points)
Replied 09 January 2013

Yes u can avail the deduction under section 80C

CA SHIVAM TANDON (0) (76 Points)
Replied 09 January 2013

deduction only if if it is special tax saving fd.

otherwise deduction U/S 80c not allowed

CA Prashant Gupta (DGM (F & A)) (14068 Points)
Replied 09 January 2013

deduction will be allowed only for tax saving FD. u/s 80 C not normal FD is eligible

1 Like

CA Mohit Garg (CS Student) (213 Points)
Replied 09 January 2013

Interest which will be received in these FDR will also available for deduction u/s 80C like interest on NSC.

What will happen if these FDr are prematured before completing 5 years.

(Guest)

Interest Accrued on 5 Year FD's will be taxable on yearly basis.. Its not similar to NSC interest..

Only FD booked amount to the maximum of Rs. 1,00,000/- per Asst. Year is allowed for deduction u/s 80C

(Guest)

These FDs cannot be pre-matured for 5 years...

manoj (student) (5205 Points)
Replied 09 January 2013

these fd marked as tax saving fd also these are for 5 years

if u premature these the tax deduction u got will be revert back

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