Tax Saving FD & ITR

[RAHUL RANA]

If Someone open tax saving FD in Dec2023,can he used it in ITR of FY 23-24 for tax exemption & the same amount can he claimed for next five years or till FD mature?

 

[luciferocious]

no.. it can only be used for tax exemption for the financial year it was created

 

[RAHUL RANA]

Actually tax saving FD having lock-in period of 5 years,so i think lock in amount can be exempted for each 5 years .

 

[NIRANJAN SINGH RANAWAT]

Actually tax saving FD having lock-in period of 5 years,so i think lock in amount can be exempted for each 5 years .

Yes, there is a lock in period of 5 years but you will invest your money in the first year only. Therefore the deduction is claimed only for the first year.