Sec 80C- Fixed Deposit for 5 yrs in name of grand child

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CA.Nikhil Gupta (Querist)
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23 March 2010 Can grand father claim exemption u/s 80 C if he says gets Fixed Deposit with any schedule bank for 5 yrs or more in the name of grand child( minor). Whether yes or not, kindly support your answer.

The question is wrt to exemption of invested amount only.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 March 2010 Deduction will not be allowed for the pattern of deposit referred in the query by virtue of the limitations prescribed in section 80C (4).

CA.Nikhil Gupta

CA.Nikhil Gupta (Querist)
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23 March 2010 Thanks for your response.

Can you share those limitations?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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23 March 2010 Five year deposit is as per section 80C(2) (xxi). But as per section 80C(4) deposits/contributions in other persons name is only for those items covered in section 80C (i),(v),(x),(xi) and (xvii) viz., lic,ppf,ulip,ulip of lic mutual fund and tuitions fees subject to conditions mentioned in those sub sections.

CA.Nikhil Gupta

CA.Nikhil Gupta (Querist)
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24 March 2010 Thanks for clarification

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Sec 80C- Fixed Deposit for 5 yrs in name of grand child

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