If a person invest in fD for a tenure of 10 yr amount to rs 100000 whether full amount is allowed as deduction in the year of investment
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 04 July 2011
| Originally posted by : nisha | ||
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5 Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction. |
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agreed
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 04 July 2011
| Originally posted by : nisha | ||
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5 Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled for section 80C deduction. |
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AGREED.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 04 July 2011
| Originally posted by : rahul | ||
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If a person invest in fD for a tenure of 10 yr amount to rs 100000 whether full amount is allowed as deduction in the year of investment |
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No, unless you have asked the bank to make FD eligible for 80C, it would not entitle for deduction,
FD under 80C have some restrictions viz, it can not get prematured encashment, does not qualify for loan, does not get added to sweep in / sweep out.
such 80C FD has face marked as" eligible for 80C deduction under income tax act"
RONAK DARJI
(CA FINAL)
(382 Points)
Replied 04 July 2011
CA. Roopali Kadam
(Jobs on assignment basis.)
(1458 Points)
Replied 04 July 2011
| Originally posted by : U S Sharma | ||
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Originally posted by : rahul If a person invest in fD for a tenure of 10 yr amount to rs 100000 whether full amount is allowed as deduction in the year of investment No, unless you have asked the bank to make FD eligible for 80C, it would not entitle for deduction, FD under 80C have some restrictions viz, it can not get prematured encashment, does not qualify for loan, does not get added to sweep in / sweep out. such 80C FD has face marked as" eligible for 80C deduction under income tax act" |
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Agreed
Atul Agrawal
(C.A.Student)
(22 Points)
Replied 05 July 2011
Dear Rahul,
i am also go with roopali answer.
Rup Kumar
(finance manager)
(288 Points)
Replied 05 July 2011
As fer my knowledge goes-
5 Yr bank fixed deposits - Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are only entitled for section 80C deduction.
So deposit for a tenure of 10 year FDs are not eligible for deduction u/s 80C.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
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