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I have deposited a sum of Rs. 100000 in fixed dep…

I have deposited a sum of Rs. 100000 in fixed deposit for three years? Can I get deduction for such…

I have deposited a sum of Rs. 100000 in fixed deposit for three years? Can I get deduction for such deposit?



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Jeeba Jul. 05, 2018

Section 80C of the income tax act provides the deduction made for the fixed deposit for the period of five years.

The primary condition for the deduction of deposit in fixed deposit is that you have to deposit the sum for the minimum period of five years.

Further this section states that if you withdraw sum from such account before five years, you have to pay tax on same.