Eligible for deduction u/s 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2013 Dear All,
Please suggest that if a individual invest Rs. 30000.00 in FDR for Five year in his wife name with scheduled bank under income tax scheme is eligible for deduction u/s 80C.

Regards,

Sunil Paree

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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29 March 2013 As per my understanding he will not be eligible. Better make the FD in Joint name. In this case first holder will get the deduction.

For the detailed scheme see notification from below link--

http://law.incometaxindia.gov.in/Directtaxlaws/act2005/%5B2006%5D154Taxman0184(St).htm

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