so we cannot show this amt in income tax declaration form .
i have given say 50k by fundtransfer from my account to my dependent elder family member.
so i dont have income tax benefit under 80c deductions
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income tax benefit
Replies (5)
Sir,Section 80C Dealing with Savings but trasnfer to Realtive is not covered under 80 C , You cannot claim this
| DEDUCTIONS FOR PAYMENTS | ||||||
| Sec 80C | ||||||
| Eligible Assessee | : Ind/HUF | |||||
| *In case of Individual, payment can be in the name of | ||||||
| 1. Assessee | ||||||
| 2. Spouse | ||||||
| 3. Children | ||||||
| In case of HUF, payment can be in the name of any member of the family | ||||||
| Nature of | Paid in name of | Withdrawal | Limits | Deduction claimed by | ||
| Payment | of Deduction | (If any) | Ind/Person | |||
| 1. LIC Premium | ||||||
| Note: | If Policy is | |||||
| In case of Annual Premium, | * | withdrawn within | No Sub | Person | ||
| if Premium > 20% of Sum | 2 yrs,deducn | Limits | ||||
| Assured | is added back to | |||||
| then, deduction will be allowed | income | |||||
| max upto 20% of Sum assured | ||||||
| 2. Non Commutable | * | No Sub | Individual | |||
| Deferred Annuity | Limits | |||||
| 3. Securing a Deferred | Assesee | Max 1/5th | Individual | |||
| Annuity or making | of Sal | |||||
| a provision for his | ||||||
| wife/Children | ||||||
| (By way of deductn | ||||||
| from Salary) | ||||||
| 4. Contribution to SPF & | Assesee | No Sub | Individual | |||
| RPF | Limits | |||||
| (Not repayment of | ||||||
| Loan) | ||||||
| 5. Contribution to 15 yr | * | No Sub | Person | |||
| PPF under PPF Scheme | Limits | |||||
| 1968 | ||||||
| (Not repayment of | ||||||
| Loan) | ||||||
| 6. Contribution to Apprvd | Assesee | No Sub | Individual | |||
| Superannuation Fund | Limits | |||||
| 7. Subscripttions of NSC VIII | * | No Sub | Person | |||
| issue | Limits | |||||
| (Even accrued int on NSC | ||||||
| is allowable as deduction) | ||||||
| 8. Contribution to ULIP of UTI | * | In case the ULIP | No Sub | Person | ||
| is withdrawn b4 | Limits | |||||
| 5yrs, then it will | ||||||
| be added back to | ||||||
| income | ||||||
| 9. Contribution to ULIP of LIC | * | In case the ULIP | No Sub | Person | ||
| Mutual Fund u/s 10(23D) | is withdrawn b4 | Limits | ||||
| 5yrs, then it will | ||||||
| be added back to | ||||||
| income | ||||||
| 10. Annuity Insurance Plan | * | No Sub | Person | |||
| of any insurer | Limits | |||||
| 11. Contribution to notified | * | No Sub | Person | |||
| E.L.S.S set by any Mutual Fund | Limits | |||||
| or UTI | ||||||
| 12. Contribution to Pension Fund | * | No Sub | Person | |||
| set up by UTI/Mutual Fund | Limits | |||||
| 13. Subscripttion to Home Loan | * | No Sub | Person | |||
| Account Scheme of National | Limits | |||||
| Housing Bank | ||||||
| (Includes acc int) | ||||||
| 14. Subscripttion to any scheme of | ||||||
| a) Public Sector Co. | ||||||
| Obj: Long term Fin | ||||||
| Purpose of Fin: Construction/Pur | ||||||
| of Residential Houses in India | ||||||
| E.g: HDFC | * | No Sub | Person | |||
| Limits | ||||||
| b) Any Authority (consituted by law) | ||||||
| Obj: satisfying the housing | ||||||
| needs of people in towns and | ||||||
| cities | ||||||
| E.g: MHADA | ||||||
| 15. Any Tution Fees paid to | * | No Sub | Person | |||
| a) University | Limits | |||||
| b) College | ||||||
| c) School | ||||||
| 16. Repayment of Loan taken for the | ||||||
| Construction or the purchase of | ||||||
| Residential House property | ||||||
| and Stamp Duty and | ||||||
| Registration Fees thereon | ||||||
| Payee should be: | ||||||
| 1. Central Govt | * | In case the HP | No Sub | Person | ||
| 2. State Govt Banks | is TRFD within | Limits | ||||
| 3.LIC | 5yrs of Pur, then | |||||
| 4. Approved Long term Housing Fin | it will be added | |||||
| Co.s | back to income | |||||
| 5. Co-op Soc | ||||||
| 6. Self-financing scheme of any Board | ||||||
| 7. Public co./Public Sector Co. | ||||||
| 8. University | ||||||
| 9. College | ||||||
| 10. Authority established under a State | ||||||
| or Central Act | ||||||
| 17. Subscripttion of equity shares or | * | Lock in period of | No Sub | Person | ||
| Debentures forming part of "Eligible | 3yrs, if shares/Deb | Limits | ||||
| Capital Issue" approved by CBDT by | trfd before 3yrs | |||||
| application of a Public Co./Pub Fin Inst | then deduction | |||||
| or Mutual Fund Units u/s 10(23D) | will be treated as | |||||
| income in the yr | ||||||
| Note: 1. Shares/ Deb should be from | of transfer | |||||
| original subscripttions and not purchased | ||||||
| from the market | ||||||
| 2. "Eligible Cap Issue" means | ||||||
| a) Issue by a Public co. formed and regd | ||||||
| in India | ||||||
| b) Entire proceeds used for purpose | ||||||
| referred in Sec 80IA(4) | ||||||
| 18. Term Deposit (5 yrs) with a | * | No Sub | Person | |||
| Scheduled Bank | Limits | |||||
| (Deposit should be in accordance | ||||||
| with the scheme) | ||||||
| POINTS TO REMEMBER | ||||||
| 1. Deduction on actual payment | ||||||
| 2. Amount of Deduction will be Actual Investment or Rs.1,00,000 whichever is lower | ||||||
| DEDUCTIONS FOR PAYMENTS | ||||||
| Sec 80C | ||||||
| Eligible Assessee | : Ind/HUF | |||||
| *In case of Individual, payment can be in the name of | ||||||
| 1. Assessee | ||||||
| 2. Spouse | ||||||
| 3. Children | ||||||
| In case of HUF, payment can be in the name of any member of the family | ||||||
| Nature of | Paid in name of | Withdrawal | Limits | Deduction claimed by | ||
| Payment | of Deduction | (If any) | Ind/Person | |||
| 1. LIC Premium | ||||||
| Note: | If Policy is | |||||
| In case of Annual Premium, | * | withdrawn within | No Sub | Person | ||
| if Premium > 20% of Sum | 2 yrs,deducn | Limits | ||||
| Assured | is added back to | |||||
| then, deduction will be allowed | income | |||||
| max upto 20% of Sum assured | ||||||
| 2. Non Commutable | * | No Sub | Individual | |||
| Deferred Annuity | Limits | |||||
| 3. Securing a Deferred | Assesee | Max 1/5th | Individual | |||
| Annuity or making | of Sal | |||||
| a provision for his | ||||||
| wife/Children | ||||||
| (By way of deductn | ||||||
| from Salary) | ||||||
| 4. Contribution to SPF & | Assesee | No Sub | Individual | |||
| RPF | Limits | |||||
| (Not repayment of | ||||||
| Loan) | ||||||
| 5. Contribution to 15 yr | * | No Sub | Person | |||
| PPF under PPF Scheme | Limits | |||||
| 1968 | ||||||
| (Not repayment of | ||||||
| Loan) | ||||||
| 6. Contribution to Apprvd | Assesee | No Sub | Individual | |||
| Superannuation Fund | Limits | |||||
| 7. Subscripttions of NSC VIII | * | No Sub | Person | |||
| issue | Limits | |||||
| (Even accrued int on NSC | ||||||
| is allowable as deduction) | ||||||
| 8. Contribution to ULIP of UTI | * | In case the ULIP | No Sub | Person | ||
| is withdrawn b4 | Limits | |||||
| 5yrs, then it will | ||||||
| be added back to | ||||||
| income | ||||||
| 9. Contribution to ULIP of LIC | * | In case the ULIP | No Sub | Person | ||
| Mutual Fund u/s 10(23D) | is withdrawn b4 | Limits | ||||
| 5yrs, then it will | ||||||
| be added back to | ||||||
| income | ||||||
| 10. Annuity Insurance Plan | * | No Sub | Person | |||
| of any insurer | Limits | |||||
| 11. Contribution to notified | * | No Sub | Person | |||
| E.L.S.S set by any Mutual Fund | Limits | |||||
| or UTI | ||||||
| 12. Contribution to Pension Fund | * | No Sub | Person | |||
| set up by UTI/Mutual Fund | Limits | |||||
| 13. Subscripttion to Home Loan | * | No Sub | Person | |||
| Account Scheme of National | Limits | |||||
| Housing Bank | ||||||
| (Includes acc int) | ||||||
| 14. Subscripttion to any scheme of | ||||||
| a) Public Sector Co. | ||||||
| Obj: Long term Fin | ||||||
| Purpose of Fin: Construction/Pur | ||||||
| of Residential Houses in India | ||||||
| E.g: HDFC | * | No Sub | Person | |||
| Limits | ||||||
| b) Any Authority (consituted by law) | ||||||
| Obj: satisfying the housing | ||||||
| needs of people in towns and | ||||||
| cities | ||||||
| E.g: MHADA | ||||||
| 15. Any Tution Fees paid to | * | No Sub | Person | |||
| a) University | Limits | |||||
| b) College | ||||||
| c) School | ||||||
| 16. Repayment of Loan taken for the | ||||||
| Construction or the purchase of | ||||||
| Residential House property | ||||||
| and Stamp Duty and | ||||||
| Registration Fees thereon | ||||||
| Payee should be: | ||||||
| 1. Central Govt | * | In case the HP | No Sub | Person | ||
| 2. State Govt Banks | is TRFD within | Limits | ||||
| 3.LIC | 5yrs of Pur, then | |||||
| 4. Approved Long term Housing Fin | it will be added | |||||
| Co.s | back to income | |||||
| 5. Co-op Soc | ||||||
| 6. Self-financing scheme of any Board | ||||||
| 7. Public co./Public Sector Co. | ||||||
| 8. University | ||||||
| 9. College | ||||||
| 10. Authority established under a State | ||||||
| or Central Act | ||||||
| 17. Subscripttion of equity shares or | * | Lock in period of | No Sub | Person | ||
| Debentures forming part of "Eligible | 3yrs, if shares/Deb | Limits | ||||
| Capital Issue" approved by CBDT by | trfd before 3yrs | |||||
| application of a Public Co./Pub Fin Inst | then deduction | |||||
| or Mutual Fund Units u/s 10(23D) | will be treated as | |||||
| income in the yr | ||||||
| Note: 1. Shares/ Deb should be from | of transfer | |||||
| original subscripttions and not purchased | ||||||
| from the market | ||||||
| 2. "Eligible Cap Issue" means | ||||||
| a) Issue by a Public co. formed and regd | ||||||
| in India | ||||||
| b) Entire proceeds used for purpose | ||||||
| referred in Sec 80IA(4) | ||||||
| 18. Term Deposit (5 yrs) with a | * | No Sub | Person | |||
| Scheduled Bank | Limits | |||||
| (Deposit should be in accordance | ||||||
| with the scheme) | ||||||
| POINTS TO REMEMBER | ||||||
| 1. Deduction on actual payment | ||||||
| 2. Amount of Deduction will be Actual Investment or Rs.1,00,000 whichever is lower | ||||||
k
so there is no possibility for tax deduction for the amt and can we show in declaration the amt we spent (money) for the operation medicalls of family memeber for tax dedeuction
| Originally posted by :Ramesh krishnan | ||
| " | Sir,Section 80C Dealing with Savings but trasnfer to Realtive is not covered under 80 C , You cannot claim this | " |
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