joint account

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CA CWA Yugandar PR (Querist)
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22 August 2009 sir,
my mother and brother opened the fixed deposit jointly for 5yrs and my brother wants to show this as 80c deduction. and my mother was not taking that amount for 80c deduction.
is it eligible r the joint account cant be shown as 80c deduction.

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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22 August 2009 Generally, in case of joint account, the person whose name is appearing first is treated as the main holder of the account. But if you can prove that FD was made out of the income of your brother, then he can claim 80C.

O.D.SHARMA

O.D.SHARMA (Expert)
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23 August 2009 No for 2nd joint account holder.only for first holder 80 C can be claimed.16A will also be in same way.

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