if i gift a tax saver FD to my relative. Can i avail benefit under 80C deduction
kindly guide.
5 Replies
Achyut Mhatre
(Owner)
(275 Points)
Replied 24 March 2019
Tax saving FDs are non-transferable, and cannot be encashed before its min. term of 5 years.
Sahil Jain (FAFD, DISA, CA)
(Practicing Chartered Accountant )
(2476 Points)
Replied 24 March 2019
If tax saver FD is in your name and amount invested is paid through your account, then you can claim the deduction.
You cannot gift this FD as it's in your name and cannot be matured before the lock in period.
You cannot gift this FD as it's in your name and cannot be matured before the lock in period.
Rahul Rustagi
(Student CA Final )
(310 Points)
Replied 24 March 2019
In case the FDs is encashed before 5 years, then value of FD shall be deemed to be the income of the year in which it is encashed.
Kalyani
(Chartered Accountant)
(181 Points)
Replied 24 March 2019
FD s are non transferable. The person in whose name FDs are taken and who is invested in them can claim deduction under section 80C
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