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80c

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 May 2011 A person has make investment of Rs. 20000 in NSC ( National Saving certificate) for 6 & ½ year) in AY 2011-12 can he get deduction under section 80c in current year & subsequente year upto maturity of NSC ???
If not under which provision he gets deduction as investment is for more than 5 years???
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Amol Gopal Kabra (CA,CS,DISA)

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Amol Gopal Kabra (CA,CS,DISA) (Expert)
07 May 2011 Assuming the the date of investment is in the financial year ending 31st March, 2011, he will get a deduction of Rs. 20000 from the income assessed to tax for A.Y. 2011-2012. He wont get the deduction in the subsequent years for the principal amount. But he'll get the deduction for the interest earned every year till maturity.
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