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SBI Term Deposit under Sec 80C

Neeraj Sinha ( TAX CONSULTANT) (106 Points)

28 December 2007

I have taken Term Dseposit with my mother's name, is it eligible for deduction u/s 80C, plz suggest.........

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4 Replies

(Guest)

Yes 80c Deduction will be allowed

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CA. Aryendra (Chartered Accountants) (1233 Points)
Replied 04 January 2008

No term deposit should be in the Joint Name and deduction u/s 80 C will be allowed only to Frist Holder.
Vide Circular No NOTIFICATION NO. 203/2006, DATED 28-7-2006

Therefor deduction will not be allowed

CA. Aryendra (Chartered Accountants) (1233 Points)
Replied 04 January 2008

No term deposit should be in the Joint Name and deduction u/s 80 C will be allowed only to Frist Holder. Vide Circular No NOTIFICATION NO. 203/2006, DATED 28-7-2006 Therefor deduction will not be allowed