NSC savings paid by employee on the parents name is eligible for tax savings in the hands of employee?
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Deductions
Replies (2)
Mr.Chaitanya ABK
The investment/deposit in National Savings Certificates in the name/s of parrent/s of the assessee is not eligible for deduction u/s 80C.
The investment in Natinal Savings Certificates in Section 80C(2) finds it place in clause (ix) of that sub-section. [Section 80C(2)(ix)].
In sub-section (4) of Section 80C is not considered for investment in the name/s of parent/s.
Hence the investment/deposit in National Savings Certificate in the name/s of parent/s of the assessee is not eligible for deduction u/s 80C.
Best Wishes
Sathikonda
NSC should be in the name of assessee itself.
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