80c deduction

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This query is : Resolved

Siddalingesh Patil (Querist)

03 January 2013 Whether a term deposit of not less than 5 years with a scheduled bank in the name of spouse eligible for deduction under section 80C?

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)

03 January 2013 The period of Deposit should be for a Term of 5 years, not less than 5 years to be eligible to deduction of Sec 80 C.

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Siddalingesh Patil

Siddalingesh Patil (Querist)

03 January 2013 Sir,

thank you for the reply. but my query is if the term deposit is made in the name of my "Spouse", can i get the benefit of 80C deduction?

shivaji prasad bhimavarapu

shivaji prasad bhimavarapu (Expert)

03 January 2013 Dear Mr.Patil, In case of deposit with Banks, the deposit should be in the name of assessee who can claim the deduction U/s80 C. If it is in Joint name, the FIRST name should be of Assessee. So, in your case, if the deposit is in your spouse name alone you can NOT get exemption.This is my opinion.

V K Bajaj

V K Bajaj (Expert)

03 January 2013 Further while investing the amounts in Fixed Deposit then it should be mentioned specifically by bank officer on such receipt that deposit is a 'tax saver'. Without 'tax saver' words no deduction is available.

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