Deductions u/s 80C/80CCC of I.T.Act

This query is : Resolved

CA Sanjay Baheti (Querist)
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12 June 2010 My client being an Individual is working in Ltd Company as General Manager.

His Gross Salary is Rs.633409/-after claiming HRA Exemption but before claiming
deductions under Chapter VIA of I.T.Act. for F.Y.2009-10.

He has made the following investments from his income/savings in the name of his wife to avail claim deduction u/s 80C/80CCC of I.T.Act detailed as under-:

- LIC Premium 13030/-
- LIC Tax Saver Units 15000/-
- HDFC MF Units 10000/-
- Reliance MF Units 10000/-
- SBI MF Units 10000/-
- ICICI LIfe Time Super 25000/-
Pension
- PPF 45000/-
---------
Total 128030/-
---------

Now query is whether he can claim maximum deduction to the extent of Rs.100000/- u/s 80C/80CCC of I.T. Act or not in his I.T. Return.

However As per Form No. 16 as provided by Employer has not considered the investments made in MF Units in the name of his wife .

Further, what will be situation if Investments specially in MF Units are made by his wife from her taxable income.

what shall be actuals Please be confirm
accordingly.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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13 June 2010 LIC Premium and PPF can be claimed even his wife name but Mutual fund units cannot be claimed under wife name, It can be claimed his wife Income tax return and Income from Mutual funds also taxable as income of his wife only

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