Deduction u/s 80C eligibility if I have made payments through my non working Wife's Bank Account or her credit card
for some Tution Fee, Home Loan EMI and LIC payment
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Deduction u/s 80C eligibility
Replies (13)
Quick Summary
Yes it is eligible
But Sir as per our Statutory Auditor, deduction only allowed when payment made through bank accounts of person availing exemption
In case of LIC it is not available but in case of others it is eligible
Any rule or notification on exclusion of LIC, kindly share
Our Stat Auditor given opinion specifically on deduction of Tution Fee
| Originally posted by : Vipul Acharya | ||
 |
But Sir as per our Statutory Auditor, deduction only allowed when payment made through bank accounts of person availing exemption |  |
That's a garbage opinion.
For tax saving investments, it's the holder of the investment / asset who can (and should) claim the deduction.
When it comes to tuition, I'm not so sure. One could consider it to be an expense rather than an investment, so there might be a point related to who actually incurred the expense.
That said, there are very simple ways to get around that: simply enter all those as your expenses and since your wife paid on your behalf, put down the entire amount as a loan you took from her.
Who will take the benefit?
Only Husband files ITR and spouse is Housewife, so Husband will take benefit
The payer will get the benefit .
Kindly provide rulings or case law, i didn't found the same anywhere
Refer income tax act and look out for deductions from gross total income under section 80C
Is there new tax regime deductions available???
No deductions are available under new regime
Refer 80C2
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