Section 80C

What is the provision regarding deposit in tax saver deposit scheme?
Replies (5)
Quick Summary
This discussion clarifies Section 80C of the Income Tax Act, focusing on tax saver deposit schemes. It explains that while Public Provident Fund (PPF) can be opened for self, spouse, and children, other tax-saving instruments like NSCs, fixed deposits, and ELSS must be in the individual's name to claim the deduction. Deposits made in the name of third parties are generally not eligible for deduction.

Which provision you are asking, mean for tax scheme it was covered under 80c.
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?
If it was a blood relationship you can avail the credit not eligible for third parties,
If it is availed for major son in nationalized bank?
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.

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