Well for the first question regarding NSC.

Who Can Purchase NSC VIII ?
- Any adult individual can purchase NSC VIII Issue
- on his own name
- or jointly with another adult (jointly or survivor) or (either or survivor)
- Parents and guardians on behalf of a minor
- Karta on behalf of a Hindu undivided family.

But to claim the deduction its not clearly mentioned.

The investment made by an individual in NSCs in the name of his minor children will not make the individual eligible for deduction under Section 80C.

- Source Business line......

@ richa for your question:

Tax Calculation For Agriculture Income

1. If you have only agricultural income, then the income is not taxable. It is fully exempt. For example your total agricultural income is Rs.340000 per year and there is no other source of income. In this case you are not required to pay any tax and file the tax returns.
2. If you have agricultural income and other sources of income, then you are required to file the returns and show the agricultural income. Even if the total income is below the taxable income.
3. For example your agricultural income is Rs.100000 and the income from other sources is Rs.50000. The total income is Rs.150000. For the above scenario you need to file the returns and show the agriculture income.

thanks Shivang Sir....... i know that agriculture income is taken for rate purposes if an assessee has another source of income.......bt i was confused that if an assessee has no other income then what will be the treatment of Agriculture income................

well can u pls reply for the question that i asked to Mr. Amir????????????????

hello,

please refer to point one for that.

1. If you have only agricultural income, then the income is not taxable. It is fully exempt. For example your total agricultural income is Rs.340000 per year and there is no other source of income. In this case you are not required to pay any tax and file the tax returns.

I will suggest if u have agriculture income, do file a Nil return to make such an  Income a  White income .

Just my suggestion for future where there wont be a problem of Black money and allll..

If not clear than pls elaborate ur question. even AMIR meant the same by his answer.

Dear All,

I am still not got the correct solution and getting more & more confusing answers..... I am going to purchase NSC in name of my child (minor) for tax planning. Plz also check the link recently got from one of my friend............ https://www.simpletaxindia.org/2008/02/saving-under-80c-whose-name-can-be-done.html please provide the exact solution, if possible.

Dear Richa,

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@ richa ,

also for your question to the amir about the quick solution of your queries, make and add friends who can give correct soultions . and try to send PM which will notify them easily about the question even if they dont check the forum....

Hello Vineet,

As i mentioned earlier, Individual can invest in NSC in name of Minor child....

BUT CANNOT GET DEDUCTION u/s 80C......

i m not agree with Shivang...............if assessee club minor's income in his total incom he will get deduction u/s 80C.

i meant m not agree with Shivang "SIR"

mr vineet

i think u must check out the following link to get ur answer https://law.incometaxindia.gov.in/TaxmannDit/DisplayPage/dpage1.aspx?md=1 (Circular No. 405, dated 15-1-1985) para 2 (a) 

hi richa 

i think u can claim it directly without clubbing as per above provision

plz let me know ur comments.

Actually Mukerjee i hv read in the act that NSC will be allowed as deduction if it is in the name of the assessee.............thaty i think so that income of minor should be clubbed in the total income of assessee.

bt i think it can also be allowed even minor's income is nt clubbed,bt it should be noted that minor does not file his personal return,as in execptional cases.............

r u agree????????

u can claim for exemption u/s 80 c provided it is being paid n claimed by assessee..

richa 

u r perfect as far as the provisions of clubbing goes.But in this case i think the provision of clubbing must not come into the picture.Please have a look in the link given in the last post and find out circular 405 of 1985.Please let me know ur views whether deduction can be claimed directly without clubbing......... 

ya now i m sure abt this n can say deduction regarding NSC in name of minor can be claimed, bt income on that investment should also cubbed in the total income of the assessee...............

i repeated that if minor files his personal return then it would be claimed as deduction for minor.okkkkkkk