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Query Details

Asked by namish on :Jul. 05, 2018

I withdrawn a sum principle and int from my fixed…

I withdrawn a sum principle and int from my fixed deposit account after six years. Do I need to pay…

I withdrawn a sum principle and int from my fixed deposit account after six years. Do I need to pay tax on such withdrawal?

0

Jeeba Jul. 05, 2018

NO….
If fixed deposit maintained for the period of five years, then tax is not payable when sum is draw out.

Interest on fixed is however taxable. So when you draw sum from fixed deposit then principle amount is exempt from tax and interest on such deposit is taxable as income from other source.

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