hi,
one of the employees purchased MF on his father name whether he can claim the exemption U/s 80C
Amir
(Learner)
(4016 Points)
Replied 23 February 2010
Dear Hari,
I think it will be available but again u have to prove to ur employer or AO that payment was made from ur bank account.......
The deduction under section 80C can be claimed by the person who has contributed the monies out of his income chargeable to tax. It can be claimed by the first-named person in a joint holding if the first-named person has so contributed the amount.Circular : No. 405 [F. No. 178/1/84-IT(A-I)], dated 15-1-1985 as corrected by Circular : No. 418 [F. No. 178/1/84-IT(A-I)], dated 2-5-1985.
Ameet
(L)
(1678 Points)
Replied 23 February 2010
I dont think there is any problem. u can claim u/s. 80C.
C.Balaji
(Learner)
(1867 Points)
Replied 23 February 2010
yes......i think you can claim u/s 80C.....
but as Amir bhai said.......
You have to prove the A.O. that the payment has been made by you.........
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
