FD deduction on Income Tax

This query is : Resolved

Sanjeev Sharma (Querist)
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28 July 2008 sir,
pls clarify me whether Fix deposit for 5years from the Post Office is eligible for deduction under 80C for the asses,ent year 2009-10.If yes On whose name this FD should be?I mean can it be on wife's name or minor daughter's name.

thanks

sanjeev sharma

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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28 July 2008 Yes the deposit in FD for a period not less than 5 years is elegible for deduction u/s 80C. However, the same should be in the name of assessee only.