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FD deduction on Income Tax

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(Querist)
28 July 2008 sir,
pls clarify me whether Fix deposit for 5years from the Post Office is eligible for deduction under 80C for the asses,ent year 2009-10.If yes On whose name this FD should be?I mean can it be on wife's name or minor daughter's name.

thanks

sanjeev sharma
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
28 July 2008 Yes the deposit in FD for a period not less than 5 years is elegible for deduction u/s 80C. However, the same should be in the name of assessee only.
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