mutual fund

Tax queries 481 views 3 replies

hi,

one of the employees purchased MF on his father name whether he can claim the exemption U/s 80C

Replies (3)

Dear Hari,

I think it will be available but again u have to prove to ur employer or AO that payment was made from ur bank account.......

The deduction under section 80C can be claimed by the person who has contributed the monies out of his income chargeable to tax. It can be claimed by the first-named person in a joint holding if the first-named person has so contributed the amount.Circular : No. 405 [F. No. 178/1/84-IT(A-I)], dated 15-1-1985 as corrected by Circular : No. 418 [F. No. 178/1/84-IT(A-I)], dated 2-5-1985.

I dont think there is any problem. u can claim u/s. 80C.

yes......i think you can claim u/s 80C.....

but as Amir bhai said.......

You have to prove the A.O. that the payment has been made by you.........


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