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deduction under 80C

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(Querist)
02 August 2008 The investment made in FD in schedule bank under Sec 80C is allowable deduction. What about the interest thereon? If the interest is taxable, then should the interest be accounted each year or at the time of maturity of FD ie after 5 years? Will the amount received on maturity including interest is taxable?
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sagar madan

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sagar madan (Querist)
02 August 2008 Please also inform me that whether interest from NSC made in A.Y. 2006-2007 for 6 years is eligible for deduction in 80C in all 6 years? The amount received on maturity of NSC will that be allowed as deduction in 80C?
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CA Vivek Jain

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CA Vivek Jain (Expert)
02 August 2008 interest from NSC made in A.Y. 2006-2007 for 6 years is eligible for deduction in 80C in all 6 years.

The amount received on maturity of NSC will not be allowed as deduction in 80C.
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