Interest accrued on nsc is case of joint ownership

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 June 2013 Hello everyone!!!
Please clear my query..My query is..
I.) If interest is accrued on NSC and there is Joint ownership, which owner can claim deduction u/s. 80C, if it is owned by:
1.) Two individuals, both Major
2.) One Major & one Minor (e.g. Father & Son)

II.) Also at the time of purchase of NSC, who can claim deduction??

Can Both the owners as in option 1.) above claim deduction???

It is 50%-50% owned by both...

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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24 June 2013 Minor income (if it is not earned by professional capacity) need to be clubbed with parents only. so your case it can be clubbed with fathers` income and take exemption by father only

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Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2013 Ohk Sir...
But what if it is owned by 2 Majors..???
Who can claim deduction??

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Querist : Anonymous

Querist : Anonymous (Querist)

25 June 2013 Ohk Sir... But what if it is owned by 2 Majors..??? Who can claim deduction??

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 June 2013 Of course if owned by 2 majors need to claim proportionately 50:50 ratio only

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