"Question on Tax Saving Fixed Deposit? (a)If I made FD (Tax saving 5 yr) in Financial yr 2010-11,can I claim tax exemption for this amount invested in financial year (2011-12) (b)if I invested 50000(in 2010-11), can I claim the same each year under 80C upto the FD term? "

You can claim excemption only once, in the FY you made the deposit.

ie if you make FD in FY 11 then it is eligible  for FY 11 only NOT for FY 12 .

If you are looking for  FY 12  savings, then deposit on/after 1-apr-2011 .

 

Dear Mr. AnanthaRaju,

Thanks for your valuable reply..

I have one more doubt / Question please reply !!!

"Question on Non- Tax Saving Fixed Deposit?

(a)If I made FD (Non-Tax saving 180 days) in Financial yr 2010-11, can I claim tax exemption for this amount invested in financial year (2011-12)???(b)If I invested 50000(in march-11), Whether I to indicate “interest income” from invested amount only as other income in financial year 2011-12??? Or I have to indicate / include total (Investment + Interest Amount) as income in financial year 2011-12???(C) As new financial year is starting from 1-Apr-2011-2012, whether IT will question from where u manage this FD amount (50,000 or 1,00,000) ??? or I have to provide any proof apart from my declared saving in PPF & Insurance which all are still in lock-in period???

Please help me!!!