Deductions

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CA CMA Amarnath Nuthalapati

CA CMA Amarnath Nuthalapati (Querist)
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11 November 2008 if the assessee invested in Mutual funds on his sun's name? Can he claim this as deduction U/s 80CCB?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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11 November 2008 IN the absence of specific permission under the section, it has to be in assessee's name only.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 November 2008 The language used in the section is:-
.....assessee has acquired..........
.....he shall be allowed...........
.....in the computation of his total income..
Thus it can be seen that section is silent on the issue raised.Therefore the answer is debatable. However my personal view to the issue raised is No..No..

Nilesh Shah

Nilesh Shah (Expert)
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11 November 2008 Nilesh Shah Writes:
Cell: 92246-59941
E mail: nilesh63@vsnl.com

No deduction is allowed u/s 80CCB from A.Y 92-93 and subsequent years.

Sincerely,

Nilesh Shah