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?
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80c deduction
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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.
only for the first year...!!!
allowed only in first year if the fdr is tax saving
You will be eligible for deduction only in the First year.
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