if i invest 1 lac in 5 yr bank term deposit,then will i be eligible for deduction of 1lac in 80c for first yr or all 5 yrs?
Mihir
(Wealth Manager)
(5293 Points)
Replied 15 November 2014
You will get deduction u/s 80C for investing in 5-year FD in the year of investment and not every year for 5 years. Interest will be taxable.
CA SUKSHAM ARORA
(CA)
(569 Points)
Replied 15 November 2014
allowed only in first year if the fdr is tax saving
omkar margaje
(junior accountant)
(24 Points)
Replied 17 November 2014
You will be eligible for deduction only in the First year.
CAclubindia
