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Section 80c

This query is : Resolved 
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(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.
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CA Madhvi

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CA Madhvi (Expert)
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.
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Tushar Desai

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Tushar Desai (Expert)
09 October 2014 yes, agreed with CA Madhvi.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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