Savings under 80 CC
Investment in Term Deposits in banks can be for 5Yrs periods also, i would like to know if these investments can be treated like tax saving deposits. more
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For it to be a tax-saving instrument, the bank FD has to be for 5 years. In the FD form, it needs to be mentioned that the instrument is for tax saving purposes. Hence, you cannot use it as lien nor do any partial withdrawal etc. So, all FDs for 5 years need not be tax saving instruments under Sec 80C, unless specified so. more
Aug 31
Dear P.Sundaram ALL FDRs of more than 5 years are not Tax Savings Deposit. As suggested by Govind you can consider alternate investments like PPF or Mutual Fund(ELSS) MF is preferable as it has only 3 year lock. Returns are TAX FREE and good more
Aug 31
Mr Swamt Swarna, Thanks for the link about TD in banks, as per that it looks like all deposits for more than 5 yrs are eligible for 80C. On Wed, Aug 30, 2017 at 12:03 PM, Swamy Swarna wrote: > more
Aug 31
No.The deposit has to be for five years only, not more than five years. more
Aug 31
Mr Sundaram, do you have a PPF account? If so, that is the best. 7 years of lock in looks like a long time, it is not. more
Aug 31
