Deduction under 80C
This query is : Resolved
CA Anil Jain
(Querist)
25 April 2008
Amount deposited in a Fixed deposit for 5 year or more is deductible under section 80C.
But if the FD is the assesse’s name and payment is being made by another person suppose his spouse or parent, whether this amount would be deductible or not under section 80C.
(2). If FD is in continuance from A/Y 2006-07 for 5 year or more and now we want to renew that FD with more amount whether it would be deductible or not.
Regds/-
Anil Jain
But if the FD is the assesse’s name and payment is being made by another person suppose his spouse or parent, whether this amount would be deductible or not under section 80C.
(2). If FD is in continuance from A/Y 2006-07 for 5 year or more and now we want to renew that FD with more amount whether it would be deductible or not.
Regds/-
Anil Jain
CA Hemant T Dewani
(Expert)
25 April 2008
80C deduction is available only current years income & if you spouse is invested then it deducteible in your spousec income and if you are renew the fd in more amount then additional amount is deducteible from whose a/c amount is deposited
CA Anil Jain
(Querist)
26 April 2008
U mean If Husband invest in the name of wife it would be deductible in the income of Husband??
U mean If Husband invest in the name of wife it would be deductible in the income of Husband??
Yogesh Shukla
(Expert)
13 January 2014
If the payment is made by another person, then this amount should not be come deduction u/s 80c
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