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What is the taxable amount for fixed deposit in local bank?

Can use of bank fixed deposit for a period of 3year give tax rebate on capital gain amount.?

  • Answer:

    no

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No rebate from capital gains tax is available for any general fixed deposit made in bank. To avail exemption from Long term capital gains tax, where the amount of capital gain is not utilised by the assessee for acquisition of new asset before the date of furnishing the return of income, the amount can be deposited in any specified bank in accordance with Capital gains Accounts Scheme and attaching the evidence with the return of income. Such amount deposited should be utilised for acquisition of new asset within the time specified. A. Rajagopalan

rajagopalan a

Deposit with nominated banks are eligible for deduction U/s80C for period of 5 years and above.

SudhakarK

No

DKS

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