Section 80c
This query is : Resolved
CA Manik Setpal
(Querist)
09 October 2014
FDR made for 5 year term on wife's name nd payment made by husband.Can husband take deduction U/S 80C.
09 October 2014
no only person in whose name FDR is made can avail benefit u/s 80C.
If FDR is made in joint name,first name first name on it must of assessee who want to claim deduction.
If FDR is made in joint name,first name first name on it must of assessee who want to claim deduction.
Tushar Desai
(Expert)
09 October 2014
yes, agreed with CA Madhvi.
09 October 2014
Husband can't take deduction u/s 80C.
PS:- 1.To get eligibility u/s 80C deposit should be under BANK TERM DEPOSIT SCHEME, 2006.
2. Deposit in joint names is permitted vide proviso to rule 4 of the said scheme, and deduction can be claimed by the person whose name appears first in the receipt.
PS:- 1.To get eligibility u/s 80C deposit should be under BANK TERM DEPOSIT SCHEME, 2006.
2. Deposit in joint names is permitted vide proviso to rule 4 of the said scheme, and deduction can be claimed by the person whose name appears first in the receipt.
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