80c deduction on tax save FD in the name of spouse

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consultant
79 Points Posted on 06 March 2021

Dear experts,

 

Can i claim exemption under 80C if i invest in tax saver FD in my spouse/Children name.  Please clarify.

 

regards

 

P Narayanan

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On 06 March 2021 at 11:02 Report
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Quick Summary
This discussion clarifies whether an individual can claim an 80C deduction for investments made in a Tax Saver Fixed Deposit (FD) account opened in their spouse's or children's names. The consensus is that such deductions are not permissible. Investments for claiming 80C benefits must be made directly in the assessee's own name.

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17269 Points Posted on 06 March 2021
No.
investment has to be in name of Assessee only
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On 06 March 2021 at 12:10
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Consultant
1891 Points Posted on 06 March 2021

As per our opinion, benefit of investment in TaxSaver FD in the name of wife cannot be claimed by husband. 

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On 06 March 2021 at 12:14
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Chartered Accountant
24588 Points Posted on 06 March 2021
No you cannot claim such deduction u/s 80C
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On 06 March 2021 at 13:03

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