Dr. Jones (Director) (253 Points)
21 June 2011Hi,
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.
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 21 June 2011
DEPENDENT on father is very imporatant term and inserted w.e.f a.y. 2010-11...
CA ADITYA SHARMA
(CA IN PRACTICE )
(16719 Points)
Replied 21 June 2011
| Originally posted by : Siddharth Bumb | ||
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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... |
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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)
(321 Points)
Replied 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
(CA)
(92 Points)
Replied 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
Gulshan Kumar
(Professional Accountant)
(119 Points)
Replied 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 Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 22 June 2011
| Originally posted by : Siddharth Bumb | ||
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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... |
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Viren
(Chartered Accountant)
(137 Points)
Replied 22 June 2011
| Originally posted by : Siddharth Bumb | ||
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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... |
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