Deduction under section 80 c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 September 2014 i have made a FD in national bank for a period of 5 years ,whether it is allowable under 80 C
and most important point is that yearly interest earn on FD is taxable yearwise i.e for every year or at the end of FIVe year.and interest earn is shown each year in income from other sources.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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28 September 2014 only Tax Saving FD of 5 years are eligible for deduction u/s 80C. So please check. If its Tax Saving FD then eligible for deduction u/s 80C.

Yes interest is fully taxable under the head Income from other Sources on yearly basis.