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of <h1>Section 80L removed: historic deductions for interest, dividends and certain deposits (including government securities) are no longer available</h1> Section 80L historically allowed specified deductions for individuals and Hindu undivided families in respect of certain interest, dividend and unit income (including government securities, specified deposits, bank and cooperative deposits, certain post-office and housing finance receipts), with aggregate limits and phased amendments increasing the monetary caps and changing covered instruments; it excluded deductions where income was derived from assets held by firms or associations for partners/members. The provision has since been omitted and is no longer operative.
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