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Section 80C

tanvi jain (23 Points)

19 November 2020

What is the provision regarding deposit in tax saver deposit scheme?

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Thiyagarajan Kandasamy (118 Points)
Replied 19 November 2020

Which provision you are asking, mean for tax scheme it was covered under 80c.

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tanvi jain (23 Points)
Replied 19 November 2020

I meant, will a deposit in tax saver scheme in name of any other person other than the individual himself will be allowed or not?

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Thiyagarajan Kandasamy (118 Points)
Replied 19 November 2020

If it was a blood relationship you can avail the credit not eligible for third parties,

tanvi jain (23 Points)
Replied 19 November 2020

If it is availed for major son in nationalized bank?

Shivam RC (Student) (23683 Points)
Replied 21 November 2020

Public Provident Fund ( PPF ) can be opened for Self, Spouse and Children and the Individual can claim deduction U/s 80C upto Rs. 1,50,000/-

However all other Tax Saving Instruments of Section 80C like National Savings Certificate ( NSC ), National Saving Scheme ( NSS ), NABARD Bonds, ELSS of a Mutual Fund, Senior Citizens Saving Scheme, Fixed / Term Deposit for a period of 5 years or more with a Scheduled Bank etc should be opened in the name of the "Individual" inorder to claim Deduction U/s 80C.