N KRISHNA CHAITANYA (CA Student) (101 Points)
11 January 2011My Uncle deposited 1,00,000/- in Fixed Deposit scheme for a period of 5 years in a Bank.
Is this entire amount is eligible for deductio u/s.80C or is there any limit for deduction for deposits.
I Want reply urgently.
Thanking U all
Regards
Krishna Chaitanya
A student
Pankaj Arora
(Learner)
(3134 Points)
Replied 11 January 2011
Yes entire amount is eligible for deduction u/s 80 c. interest is chargeable to tax.
kishore choudhury
(article asst.)
(114 Points)
Replied 11 January 2011
Yes,the entire amount is eligible for deduction.as 5years term deposit is covered under ssection 80C.
for more details check the list of investment that can be made in sec.80C.
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 11 January 2011
Yes.......its eligible for deduction under sec.80C
Viplav
(Only Attempts)
(82 Points)
Replied 11 January 2011
yes its eligible for deduction but if you Matured FD before due date it is taxable so be aware not to premature
CA MAULIK
(C.A)
(937 Points)
Replied 11 January 2011
yes entire amt is deductible provided no other 80 C investments have not done......
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 11 January 2011
Entire 100000 is exempted, but after that you can not claim any other deduction u/s 80C, 80 CCC and 80 CCD in current assessment year
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 11 January 2011
| Originally posted by : N KRISHNA CHAITANYA | ||
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My Uncle deposited Rs.1,00,000/- in Fixed Deposit scheme for a period of 5 years in a Bank. Is this entire amount is eligible for deductio u/s.80C or is there any limit for deduction for deposits. I Want reply urgently. Thanking U all Regards Krishna Chaitanya A student |
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check the FD receipt, 80C FD has certain clause printed therein, and have some clause for interest,
Pulkesh Mehta
(Chartered Accountant)
(243 Points)
Replied 11 January 2011
Yes ,entire amt. is deductible from GTI,but be careful that ur uncle will not get premature it before 5 yrs,otherwise Rs. 100000/- will be deemed as Assessee's Income & manmohan is also right that ur uncle will not get any other deduction from Sec 80CCC & 80CCD.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 11 January 2011
Section 80C provides the Fixed Deposit option for the tax exemption. The following are the key points regarding the tax saving fixed deposit u/s section 80C:
| Originally posted by : Pulkesh Mehta | ||
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Yes ,entire amt. is deductible from GTI,but be careful that ur uncle will not get premature it before 5 yrs,otherwise Rs. 100000/- will be deemed as Assessee's Income & manmohan is also right that ur uncle will not get any other deduction from Sec 80CCC & 80CCD. |
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truly agreee !!
VIKAS SHARMA
(ARTICLESHIP(IPCC))
(55 Points)
Replied 12 January 2011
the whole amount is deductiable u/s 80C only if the investment amount u/s 80C does not exceed RS100000
Bhav Bhuti Sharma
(Towards Professionalism )
(823 Points)
Replied 14 January 2011
exempted whole amount u/s 80 c but the capital is lock for 5 years and its interest will be taxable . no pre mature withdrawal
Batul
(Article assistant)
(207 Points)
Replied 14 January 2011
Entire amount is eligible for deduction u/s 80C
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