I-tax

Charudutta R. Mhalgi (Querist) 28 September 2011 This query is : Resolved

Respected Sir,

The Purchase of National Savings Cetificate

in favour of Wife or children out of

Husband/father's income whether that amount

is allowed under I-tax u/s 80c or not?

Regards

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Sailesh Kumar Shah (Expert) 28 September 2011
Purchase of NSC in the name of wife or children would not be eligible for deduction u/s. 80C.

Sailesh Kumar Shah (Expert) 28 September 2011
Exception:- If income of wife or children is clubbed in the provisions of the income tax, then deduction would be eligible.

Sanjeev (Expert) 28 September 2011
No NSC purchase in wife/children name do not qualify for IT rebate but if you make any Insurance premium payments for any policy taken in wife or children name then that is eligible for rebate u/s 80C

R.Ramachandran (Expert) 29 September 2011
I agree with the views of Mr. Shailesh which is the correct legal position.

prabhakar singh (Expert) 29 September 2011
I also agree with the views of Mr. Shailesh
which is the correct legal position.

But unwarranted addition in form explanation made by Mr.Sanjeev to read "Insurance premium payments for any policy taken in wife or children name then that is eligible for rebate u/s 80C" is equally correct.

Guest (Expert) 01 October 2011
Agree with Shri Shailesh Kr. Shah.

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