I had taken a FD for 5 years for Rs.50000/- My father is principal applicant and my mother&myself are co-applicants.Will I be eligible for tax deduction u/s.80C
RE:Tax Deduction 80 C
by voona kumar on Jul 15, 2007 03:51 PM Permalink
Dear Sharma, Exemption will be given to those people on whose name the bond is taken. If the bond consists all of the three persons then that Rs 50,000 will be divided into three equal parts and you can take the exemption based on that. Remember that if the bond is on your fathers name then in no case you can take any exeption.
