Hey Let I invested 10,000 on 30.11.2011 in FD against locker, nd it will get matured on 30.11.2016 for Rs 15,606..so my questn is that interest of 5,606 will get taxable in year of maturity or in every year as Accrued interest .?
and Is there any exemption in Section 80C?
Interest on FD is taxable every year it accrues under "Income from other sources"
The FD which you have made is for 5 years, hence you can get 80C deduction in the year of opening.
Hope this helps.
Thanks all of u..
Rahul Dang & Associates-Chartered Accountants
Pune
CA Inter
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