80 C SAVINGS - WHO's NAME CAN BE DONE ,MINIMUM HOLDING PERIOD

RAJA BABU 2 days ago

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Generally  person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name . We have consolidated  the rules which resolve the issue . After reading this post if any doubt left then ask queries in comment section .

1. Deduction under section 80C schemes in total is available up to Rs.150000 /- including 80CCD and 80CCC
2. Addition deduction of Rs 50000/- available for NPS under section 80CCD(1B)
3. The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,50,000.
4. PPF limit of 150000 is not as per income tax act but specified under ppf scheme more over the limit is combined for individual plus minor child.
5. Accrued interest on NSC is also available for rebate for first five year
6. Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C

80c saving

Scheme particulars Available to  Can be for amount cap Holding period Life Insurance premium(read in details ) HUF Member of family 10% of Sum Assured Two year INDIVIDUAL spouse,own,children (major or minor,dependent or not) do Non -Commutable deferred annuity INDIVIDUAL  spouse,own,children (major or minor,dependent or not) Nil Nil Deferred Annuity deducted by Govt INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 20 % of salary nil Statutory provident and recognised Provident fund INDIVIDUAL  Individual only on his own name nil In case of Rpf 5years Public Provident Fund INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 150000 6 years /15years  National Saving Certificate INDIVIDUAL HUF   own name nil nil Ulip of UTI and LIC mutual fund(Dhanraksha) HUF Member of family nil 5 years -DO- INDIVIDUAL  spouse,own,children (major or minor,dependent or not) do do specified tax saving mutual fund INDIVIDUAL HUF own name nil 3 year payment of house loan INDIVIDUAL HUF own name nil 5 year tuition fees INDIVIDUAL  any two children nil nil specified fixed deposit with scheduled bank INDIVIDUAL HUF own/joint name first name must be assessee nil 5 year

- See more at: http://www.simpletaxindia.net/2008/02/saving-under-80c-whose-name-can-be-done.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SimpletaxIndia+%28SIMPLE+TAX+INDIA%29#sthash.8LJujMuC.dpuf

80 C SAVINGS - WHO's NAME CAN BE DONE ,MINIMUM HOLDING PERIOD

RAJA BABU 2 days ago

Advertisement

Generally  person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name . We have consolidated  the rules which resolve the issue . After reading this post if any doubt left then ask queries in comment section .

1. Deduction under section 80C schemes in total is available up to Rs.150000 /- including 80CCD and 80CCC
2. Addition deduction of Rs 50000/- available for NPS under section 80CCD(1B)
3. The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,50,000.
4. PPF limit of 150000 is not as per income tax act but specified under ppf scheme more over the limit is combined for individual plus minor child.
5. Accrued interest on NSC is also available for rebate for first five year
6. Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C

80c saving

Scheme particulars Available to  Can be for amount cap Holding period Life Insurance premium(read in details ) HUF Member of family 10% of Sum Assured Two year INDIVIDUAL spouse,own,children (major or minor,dependent or not) do Non -Commutable deferred annuity INDIVIDUAL  spouse,own,children (major or minor,dependent or not) Nil Nil Deferred Annuity deducted by Govt INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 20 % of salary nil Statutory provident and recognised Provident fund INDIVIDUAL  Individual only on his own name nil In case of Rpf 5years Public Provident Fund INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 150000 6 years /15years  National Saving Certificate INDIVIDUAL HUF   own name nil nil Ulip of UTI and LIC mutual fund(Dhanraksha) HUF Member of family nil 5 years -DO- INDIVIDUAL  spouse,own,children (major or minor,dependent or not) do do specified tax saving mutual fund INDIVIDUAL HUF own name nil 3 year payment of house loan INDIVIDUAL HUF own name nil 5 year tuition fees INDIVIDUAL  any two children nil nil specified fixed deposit with scheduled bank INDIVIDUAL HUF own/joint name first name must be assessee nil 5 year

you can comment on above link is given below for comment.

- See more at: http://www.simpletaxindia.net/2008/02/saving-under-80c-whose-name-can-be-done.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SimpletaxIndia+%28SIMPLE+TAX+INDIA%29#sthash.8LJujMuC.dpuf

80 C SAVINGS - WHO's NAME CAN BE DONE ,MINIMUM HOLDING PERIOD

RAJA BABU 2 days ago

Advertisement

Generally  person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name . We have consolidated  the rules which resolve the issue . After reading this post if any doubt left then ask queries in comment section .

1. Deduction under section 80C schemes in total is available up to Rs.150000 /- including 80CCD and 80CCC
2. Addition deduction of Rs 50000/- available for NPS under section 80CCD(1B)
3. The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,50,000.
4. PPF limit of 150000 is not as per income tax act but specified under ppf scheme more over the limit is combined for individual plus minor child.
5. Accrued interest on NSC is also available for rebate for first five year
6. Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C

80c saving

Scheme particulars Available to  Can be for amount cap Holding period Life Insurance premium(read in details ) HUF Member of family 10% of Sum Assured Two year INDIVIDUAL spouse,own,children (major or minor,dependent or not) do Non -Commutable deferred annuity INDIVIDUAL  spouse,own,children (major or minor,dependent or not) Nil Nil Deferred Annuity deducted by Govt INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 20 % of salary nil Statutory provident and recognised Provident fund INDIVIDUAL  Individual only on his own name nil In case of Rpf 5years Public Provident Fund INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 150000 6 years /15years  National Saving Certificate INDIVIDUAL HUF   own name nil nil Ulip of UTI and LIC mutual fund(Dhanraksha) HUF Member of family nil 5 years -DO- INDIVIDUAL  spouse,own,children (major or minor,dependent or not) do do specified tax saving mutual fund INDIVIDUAL HUF own name nil 3 year payment of house loan INDIVIDUAL HUF own name nil 5 year tuition fees INDIVIDUAL  any two children nil nil specified fixed deposit with scheduled bank INDIVIDUAL HUF own/joint name first name must be assessee nil 5 year

you can comment on above link is given below for comment.

- See more at: http://www.simpletaxindia.net/2008/02/saving-under-80c-whose-name-can-be-done.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SimpletaxIndia+%28SIMPLE+TAX+INDIA%29#sthash.8LJujMuC.dpuf

80 C SAVINGS - WHO's NAME CAN BE DONE ,MINIMUM HOLDING PERIOD

RAJA BABU 2 days ago

Advertisement

Generally  person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name . We have consolidated  the rules which resolve the issue . After reading this post if any doubt left then ask queries in comment section .

1. Deduction under section 80C schemes in total is available up to Rs.150000 /- including 80CCD and 80CCC
2. Addition deduction of Rs 50000/- available for NPS under section 80CCD(1B)
3. The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,50,000.
4. PPF limit of 150000 is not as per income tax act but specified under ppf scheme more over the limit is combined for individual plus minor child.
5. Accrued interest on NSC is also available for rebate for first five year
6. Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C

80c saving

Scheme particulars Available to  Can be for amount cap Holding period Life Insurance premium(read in details ) HUF Member of family 10% of Sum Assured Two year INDIVIDUAL spouse,own,children (major or minor,dependent or not) do Non -Commutable deferred annuity INDIVIDUAL  spouse,own,children (major or minor,dependent or not) Nil Nil Deferred Annuity deducted by Govt INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 20 % of salary nil Statutory provident and recognised Provident fund INDIVIDUAL  Individual only on his own name nil In case of Rpf 5years Public Provident Fund INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 150000 6 years /15years  National Saving Certificate INDIVIDUAL HUF   own name nil nil Ulip of UTI and LIC mutual fund(Dhanraksha) HUF Member of family nil 5 years -DO- INDIVIDUAL  spouse,own,children (major or minor,dependent or not) do do specified tax saving mutual fund INDIVIDUAL HUF own name nil 3 year payment of house loan INDIVIDUAL HUF own name nil 5 year tuition fees INDIVIDUAL  any two children nil nil specified fixed deposit with scheduled bank INDIVIDUAL HUF own/joint name first name must be assessee nil 5 year

you can comment on above link is given below for comment.

- See more at: http://www.simpletaxindia.net/2008/02/saving-under-80c-whose-name-can-be-done.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SimpletaxIndia+%28SIMPLE+TAX+INDIA%29#sthash.8LJujMuC.dpuf

80 C SAVINGS - WHO's NAME CAN BE DONE ,MINIMUM HOLDING PERIOD

RAJA BABU 2 days ago

Advertisement

Generally  person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where investment is being done in the name of children or wife/Husband name or Joint name . We have consolidated  the rules which resolve the issue . After reading this post if any doubt left then ask queries in comment section .

1. Deduction under section 80C schemes in total is available up to Rs.150000 /- including 80CCD and 80CCC
2. Addition deduction of Rs 50000/- available for NPS under section 80CCD(1B)
3. The limit of one lac as above is total limit u/s 80C for all type of savings ,plus section 80CCC(pension policy) plus u/s 80CCD(Contributory Pension Plan).Means the aggregate amount of deduction under above referred sections can not exceed Rs. 1,50,000.
4. PPF limit of 150000 is not as per income tax act but specified under ppf scheme more over the limit is combined for individual plus minor child.
5. Accrued interest on NSC is also available for rebate for first five year
6. Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C

80c saving

Scheme particulars Available to  Can be for amount cap Holding period Life Insurance premium(read in details ) HUF Member of family 10% of Sum Assured Two year INDIVIDUAL spouse,own,children (major or minor,dependent or not) do Non -Commutable deferred annuity INDIVIDUAL  spouse,own,children (major or minor,dependent or not) Nil Nil Deferred Annuity deducted by Govt INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 20 % of salary nil Statutory provident and recognised Provident fund INDIVIDUAL  Individual only on his own name nil In case of Rpf 5years Public Provident Fund INDIVIDUAL  spouse,own,children (major or minor,dependent or not) 150000 6 years /15years  National Saving Certificate INDIVIDUAL HUF   own name nil nil Ulip of UTI and LIC mutual fund(Dhanraksha) HUF Member of family nil 5 years -DO- INDIVIDUAL  spouse,own,children (major or minor,dependent or not) do do specified tax saving mutual fund INDIVIDUAL HUF own name nil 3 year payment of house loan INDIVIDUAL HUF own name nil 5 year tuition fees INDIVIDUAL  any two children nil nil specified fixed deposit with scheduled bank INDIVIDUAL HUF own/joint name first name must be assessee nil 5 year

you can comment on above link is given below for comment.

- See more at: http://www.simpletaxindia.net/2008/02/saving-under-80c-whose-name-can-be-done.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+SimpletaxIndia+%28SIMPLE+TAX+INDIA%29#sthash.8LJujMuC.dpuf