Generally person has some confusion about on who's name saving under section can be done and whether 80C benefit can be availed where...
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 .
- Deduction under section 80C schemes in total is available up to Rs.150000 /- including 80CCD and 80CCC
- Addition deduction of Rs 50000/- available for NPS under section 80CCD(1B)
- 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.
- 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.
- Accrued interest on NSC is also available for rebate for first five year
- Holding period has been either defined under income tax or under scheme qualified in for deduction u/s 80C
you can comment on above link is given below for comment.
Complete List of Schemes Available under section 80C may be downloaded from link