tax saving scheme u/s 80 C

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p.madhusudhan rao (Querist)
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05 October 2010 An assessee has deposited in a nationalised bank under tax saving scheme u/s 80c of i.t.act for a period of 5 years.she has nominated his son as a nominee.Is it possible to withdraw the amount in case of her death by his son, the so called nominee.

Is the amount withdrawn is taxable and tobe shown in the year of withdrawal.

p.madhusudhan rao

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 October 2010 (1) In the event of the death of the holder of a term deposit in respect of which a nomination is in force, the nominee or nominees shall be entitled at any time before or after the maturity of the term deposit to encash the term deposit.

(2) For the purpose of sub-paragraph (1), the surviving nominee or nominees shall make an application to the branch manager of the bank, supported by proof of death of the holder and of deceased nominee or nominees, if any.

(3) If there are more nominees than one, all the nominees shall give a joint discharge of the receipt at the time of receiving the payment.

p.madhusudhan rao

p.madhusudhan rao (Querist)
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12 October 2010 THE QUESTION IS NOT RELATED TO NORMAL TERM DEPOSITS , BUT THE TERM DEPOSITS MADE UNDER TAX SAVING SCHEME (U/S. 80 C OF I.T.ACT.)

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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13 October 2010 My observation is related to the question itself .

CA. Harinder Kumar

CA. Harinder Kumar (Expert)
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27 October 2010 Mr. B Chackrapani is right. Amount withdrawn is taxable if it is withdraw before lock in period of 5 year

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