What would be the tax treatment if assessee has claimed deduction of 80C for Fixed deposit of five year and then withdrawn it before its maturity? Will the deduction would be reversed?
sonika (student) 25 June 2012
What would be the tax treatment if assessee has claimed deduction of 80C for Fixed deposit of five year and then withdrawn it before its maturity? Will the deduction would be reversed?
A V Vishal (Advocate) 25 June 2012
Yes, further the amount of investment will be added back as income and taxed accordingly.
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