SACHIN AROLKAR, Goa Carbon Ltd (MANAGER FINANCE & ACCOUNTS) (61 Points)
13 March 2014Dear Sir,
One of our Company employee has invested money in "National Saving Certificate" but in his Wife Name. Please let me know, whether husband can take Tax benefit on his tax liability in this case. Please note that his wife is not in service and does not have any other source of income.
Regards,
SACHIN AROLKAR
9822126890
The deduction for NSC under section 80C is to be given to the person in whose name the investment is done. It is specifically mentioned in case of PPF, LIc etc that it can be in the name of spouse. But in case of NSC, not so mentioned.
also remember that interest accrued on NSC will be taxed in the husband's hands only as clubbing provisions will be attracted.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
