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income tax benefit

pori (se) (53 Points)

08 December 2009

so we cannot show this amt in income tax declaration form .

i have given say 50k by fundtransfer from my account to my dependent elder family member.

so i dont have income tax benefit under 80c deductions

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5 Replies

CMA Ramesh Krishnan (Cost & Management Accountant) (71474 Points)
Replied 08 December 2009

Sir,Section 80C Dealing with Savings but trasnfer to Realtive is not covered under 80 C , You cannot claim this

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P-A-W-A-N (TAX - MANAGER AT GURGAON) (541 Points)
Replied 09 December 2009

DEDUCTIONS FOR PAYMENTS
Sec 80C
Eligible Assessee	: Ind/HUF
*In case of Individual, payment can be in the name of
1. Assessee
2. Spouse
3. Children
In case of HUF, payment can be in the name of any member of the family

Nature of	Paid in name of		Withdrawal	Limits	Deduction claimed by
Payment			of Deduction	(If any)	Ind/Person
1. LIC Premium
Note:	If Policy is
In case of Annual Premium,	*		withdrawn within	No Sub	Person
if Premium > 20% of Sum	2 yrs,deducn	Limits
Assured	is added back to
then, deduction will be allowed	income
max upto 20% of Sum assured

2. Non Commutable	*			No Sub	Individual
Deferred Annuity		Limits

3. Securing a Deferred	Assesee			Max 1/5th	Individual
Annuity or making		of Sal
a provision for his
wife/Children
(By way of deductn
from Salary)

4. Contribution to SPF &	Assesee			No Sub	Individual
RPF		Limits
(Not repayment of
Loan)

5. Contribution to 15 yr	*			No Sub	Person
PPF under PPF Scheme		Limits
1968
(Not repayment of
Loan)

6. Contribution to Apprvd	Assesee			No Sub	Individual
Superannuation Fund		Limits

7. Subscripttions of NSC VIII	*			No Sub	Person
issue		Limits
(Even accrued int on NSC
is allowable as deduction)

8. Contribution to ULIP of UTI	*		In case the ULIP	No Sub	Person
	is withdrawn b4	Limits
	5yrs, then it will
	be added back to
	income

9. Contribution to ULIP of LIC	*		In case the ULIP	No Sub	Person
Mutual Fund u/s 10(23D)	is withdrawn b4	Limits
	5yrs, then it will
	be added back to
	income

10. Annuity Insurance Plan	*			No Sub	Person
of any insurer		Limits

11. Contribution to notified	*			No Sub	Person
E.L.S.S set by any Mutual Fund		Limits
or UTI

12. Contribution to Pension Fund	*			No Sub	Person
set up by UTI/Mutual Fund		Limits

13. Subscripttion to Home Loan	*			No Sub	Person
Account Scheme of National		Limits
Housing Bank
(Includes acc int)

14. Subscripttion to any scheme of
a) Public Sector Co.
Obj: Long term Fin
Purpose of Fin: Construction/Pur
of Residential Houses in India
E.g: HDFC	*			No Sub	Person
		Limits
b) Any Authority (consituted by law)
Obj: satisfying the housing
needs of people in towns and
cities
E.g: MHADA

15. Any Tution Fees paid to	*			No Sub	Person
a) University		Limits
b) College
c) School

16. Repayment of Loan taken for the
Construction or the purchase of
Residential House property
and Stamp Duty and
Registration Fees thereon
Payee should be:
1. Central Govt	*		In case the HP	No Sub	Person
2. State Govt Banks	is TRFD within	Limits
3.LIC	5yrs of Pur, then
4. Approved Long term Housing Fin	it will be added
Co.s	back to income

5. Co-op Soc
6. Self-financing scheme of any Board
7. Public co./Public Sector Co.
8. University
9. College
10. Authority established under a State
or Central Act

17. Subscripttion of equity shares or	*		Lock in period of	No Sub	Person
Debentures forming part of "Eligible	3yrs, if shares/Deb	Limits
Capital Issue" approved by CBDT by	trfd before 3yrs
application of a Public Co./Pub Fin Inst	then deduction
or Mutual Fund Units u/s 10(23D)	will be treated as
	income in the yr
Note: 1. Shares/ Deb should be from	of transfer
original subscripttions and not purchased
from the market

2. "Eligible Cap Issue" means
a) Issue by a Public co. formed and regd
in India
b) Entire proceeds used for purpose
referred in Sec 80IA(4)

18. Term Deposit (5 yrs) with a	*			No Sub	Person
Scheduled Bank		Limits
(Deposit should be in accordance
with the scheme)

POINTS TO REMEMBER

1. Deduction on actual payment
2. Amount of Deduction will be Actual Investment or Rs.1,00,000 whichever is lower

P-A-W-A-N (TAX - MANAGER AT GURGAON) (541 Points)
Replied 09 December 2009

DEDUCTIONS FOR PAYMENTS
Sec 80C
Eligible Assessee	: Ind/HUF
*In case of Individual, payment can be in the name of
1. Assessee
2. Spouse
3. Children
In case of HUF, payment can be in the name of any member of the family

Nature of	Paid in name of		Withdrawal	Limits	Deduction claimed by
Payment			of Deduction	(If any)	Ind/Person
1. LIC Premium
Note:	If Policy is
In case of Annual Premium,	*		withdrawn within	No Sub	Person
if Premium > 20% of Sum	2 yrs,deducn	Limits
Assured	is added back to
then, deduction will be allowed	income
max upto 20% of Sum assured

2. Non Commutable	*			No Sub	Individual
Deferred Annuity		Limits

3. Securing a Deferred	Assesee			Max 1/5th	Individual
Annuity or making		of Sal
a provision for his
wife/Children
(By way of deductn
from Salary)

4. Contribution to SPF &	Assesee			No Sub	Individual
RPF		Limits
(Not repayment of
Loan)

5. Contribution to 15 yr	*			No Sub	Person
PPF under PPF Scheme		Limits
1968
(Not repayment of
Loan)

6. Contribution to Apprvd	Assesee			No Sub	Individual
Superannuation Fund		Limits

7. Subscripttions of NSC VIII	*			No Sub	Person
issue		Limits
(Even accrued int on NSC
is allowable as deduction)

8. Contribution to ULIP of UTI	*		In case the ULIP	No Sub	Person
	is withdrawn b4	Limits
	5yrs, then it will
	be added back to
	income

9. Contribution to ULIP of LIC	*		In case the ULIP	No Sub	Person
Mutual Fund u/s 10(23D)	is withdrawn b4	Limits
	5yrs, then it will
	be added back to
	income

10. Annuity Insurance Plan	*			No Sub	Person
of any insurer		Limits

11. Contribution to notified	*			No Sub	Person
E.L.S.S set by any Mutual Fund		Limits
or UTI

12. Contribution to Pension Fund	*			No Sub	Person
set up by UTI/Mutual Fund		Limits

13. Subscripttion to Home Loan	*			No Sub	Person
Account Scheme of National		Limits
Housing Bank
(Includes acc int)

14. Subscripttion to any scheme of
a) Public Sector Co.
Obj: Long term Fin
Purpose of Fin: Construction/Pur
of Residential Houses in India
E.g: HDFC	*			No Sub	Person
		Limits
b) Any Authority (consituted by law)
Obj: satisfying the housing
needs of people in towns and
cities
E.g: MHADA

15. Any Tution Fees paid to	*			No Sub	Person
a) University		Limits
b) College
c) School

16. Repayment of Loan taken for the
Construction or the purchase of
Residential House property
and Stamp Duty and
Registration Fees thereon
Payee should be:
1. Central Govt	*		In case the HP	No Sub	Person
2. State Govt Banks	is TRFD within	Limits
3.LIC	5yrs of Pur, then
4. Approved Long term Housing Fin	it will be added
Co.s	back to income

5. Co-op Soc
6. Self-financing scheme of any Board
7. Public co./Public Sector Co.
8. University
9. College
10. Authority established under a State
or Central Act

17. Subscripttion of equity shares or	*		Lock in period of	No Sub	Person
Debentures forming part of "Eligible	3yrs, if shares/Deb	Limits
Capital Issue" approved by CBDT by	trfd before 3yrs
application of a Public Co./Pub Fin Inst	then deduction
or Mutual Fund Units u/s 10(23D)	will be treated as
	income in the yr
Note: 1. Shares/ Deb should be from	of transfer
original subscripttions and not purchased
from the market

2. "Eligible Cap Issue" means
a) Issue by a Public co. formed and regd
in India
b) Entire proceeds used for purpose
referred in Sec 80IA(4)

18. Term Deposit (5 yrs) with a	*			No Sub	Person
Scheduled Bank		Limits
(Deposit should be in accordance
with the scheme)

POINTS TO REMEMBER

1. Deduction on actual payment
2. Amount of Deduction will be Actual Investment or Rs.1,00,000 whichever is lower

pori (se) (53 Points)
Replied 09 December 2009

so there is no possibility for tax deduction for the amt and can we show in declaration the amt we spent (money) for the operation medicalls of family memeber for tax dedeuction

Ansari (ca final) (444 Points)
Replied 10 December 2009

Originally posted by :Ramesh krishnan
"	Sir,Section 80C Dealing with Savings but trasnfer to Realtive is not covered under 80 C , You cannot claim this	"