Investment of Rs. 1 Lakh in Tax Saving Fixed Deposit

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  1. Yogesh Jangra

    Yogesh Jangra New Member

    If I make a Fixed deposit to save a Tax for an amount of Rs. 100000/- (Rs. One Lakh Only) for five year.

    How much exemption I will get under 80C in that current financial year.

    Please guide me on the subject.
  2. Harish.g.s

    Harish.g.s New Member

    Hai yogesh,
    As per sec80c u can avail upto 1.5lakhs so if u r investing 1lakhs u can avail entire amount as deduction as per new finannce budget
    Last edited: Feb 22, 2016
    Anilkumar D J likes this.
  3. ZED

    ZED Well-Known Member

    For the Financial Year 2015-16 , the max limit of deduction u/s 80C is restricted to 1.5 Lacs only.
  4. Yatin Gandhi

    Yatin Gandhi Active Member

    The max total deduction allowed under Section 80C for FY 2015-16 is Rs. 1.5 Lakhs

    As you are investing Rs. 1 Lakhs in Tax Saving Fixed Deposit - you would be allowed full deduction of Rs 1 Lakhs
  5. Harish.g.s

    Harish.g.s New Member

  6. Harish.g.s

    Harish.g.s New Member

    hey zed u r right its 1.5lakhs.... sorry
    ZED likes this.
  7. ileana

    ileana New Member

    Under Section 80C, you can claim tax exemptions for investments of up to Rs. 1.5 lakh. So in the given financial year, you will be able to claim exemption for the whole amount you put in – Rs. 1 lakh.

    While you do not have to pay any tax on the principal amount that you invest, you do have pay tax on the interest you earn. So when you receive the interest amount – whether it is in parts like every quarter or annually, or in bulk at the end of the term – you will have to pay tax according to the income slab you fall under.

    With reference to your question, found one interesting article where you can clarify other relater doubt.
    Article: Fixed Deposit Under 80C
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