RE:Interest on 5 years Bank FD is Tax Free?
by Karan Hi on Aug 06, 2008 01:14 PM Permalink
NO For Gods Sake NO Only the amount of Investment upto Rs 100,000 is given tax benefit u/s 88 for periord of FD of 5 yrs and more The Intrest all of it is Taxable at all times.
RE:RE:Interest on 5 years Bank FD is Tax Free?
by Balasubramaniam R on Aug 06, 2008 01:28 PM Permalink
Karan is right pl do not mislead anyone. Long term banks FD are like National savings Scheme for tax benefits. Only the inv is exepted upto 1 lac limit as per sec 80 C interest is taxable.
RE:Interest on 5 years Bank FD is Tax Free?
by Simhan on Aug 06, 2008 01:21 PM Permalink
interest rates on 5 year deposits are lesser than those on 2 years deposits right now. so just check it if you want to invest in 5 year FD
