Can deduction be claimed in that case?

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Dr. Jones

Director

129 Points Posted on 21 June 2011

Hi,

My uncle invested in 3 year lock-in mutual funds for tax benefit. He bought the mutual fund in the name of his son. He made the payment from his account.

In that case, can he claim deduction under Section 80C? Or as the mutual funds are in his son's name, it is the son who can claim the deduction?

Please let me know.

Replies (10)

@CS Siddharth Bumb.

B.Com CA Final CS

3805 Points Posted on 21 June 2011

yes your uncle will get deduction only and only if his son is depend on his father....

DEPENDENT on father is very imporatant term and inserted w.e.f a.y. 2010-11...

CA ADITYA SHARMA

CA IN PRACTICE

14247 Points Posted on 21 June 2011

Originally posted by : Siddharth Bumb
	yes your uncle will get deduction only and only if his son is depend on his father.... DEPENDENT on father is very imporatant term and inserted w.e.f a.y. 2010-11...

Guest

Posted on 21 June 2011

I doubt mr jones that you can claim deduction u/s 80C. Son cannot claim that is for sure.

As per s 80C the individual who has invested in ELSS can only himself claim deduction.

Had it be life insuramce policy then deduction u/s 80C u could have claimed. Refer S 80C(4)

The benefit of S 80C(4) is not extended to ELSS.

NO question arises that father is dependent or not dependent, deduction cannot be claimed.

chetan

accountant

215 Points Posted on 21 June 2011

Dear All

If a individual women having income from Pancard club Ltd as commission since 2008-09 but she has not filed retun yet. TDS deducted by Pan card club is3000 in 08-09,4000 in 09-10 &8000 in 10-11.

Can she file the IT return ONLINE for FY 08-09,09-10 and 10-11. her income source only commission from pan card club. and she will get refund of Tds deducted.

Pls reply.

VIVEK

85 Points Posted on 22 June 2011

hey chetan it is not possible to file the return of F.Y.2008-09. But yes She can file the return of F.Y. 2009-10 & 10-11 and claim the refund

srinivass

CA Final

1677 Points Posted on 22 June 2011

yes i ma agree with

siddharth bumb

Gulshan Kumar

Professional Accountant

172 Points Posted on 22 June 2011

DEPENDENT on father is very imporatant term and inserted w.e.f a.y. 2010-11...

CS,CA F,Numrologi TusharSampat

CS CA F Numerologist Astrologer Graph

69185 Points Posted on 22 June 2011

Originally posted by : Siddharth Bumb
	yes your uncle will get deduction only and only if his son is depend on his father.... DEPENDENT on father is very imporatant term and inserted w.e.f a.y. 2010-11...

Viren

Chartered Accountant

132 Points Posted on 22 June 2011

Originally posted by : Siddharth Bumb
	yes your uncle will get deduction only and only if his son is depend on his father.... DEPENDENT on father is very imporatant term and inserted w.e.f a.y. 2010-11...