Relief under section 80 C(f). - Income Tax - 236/CBDT

INSTRUCTION NO. 236/CBDT Dated: November 3, 1970 Section(s) Referred: 80C Statute: Income - Tax Act, 1961 A question has been raised whether relief under section 80 C(f) of the I.T.Act is available in respect of cumulative Time deposits made by an assessee in the name of his wife and minor children. 2. The matter has been examined and it has been decided by the board that deduction u/s.80c(f) is admissible even in cases where the deposit is made by an individual in more than one account provided the amount deposited was out of the individuals income chargeable to tax. The limit upto which the contribution to cumulative Time Deposit scheme together with contributions if any, towards life insurance premia, provident fund, etc., would be eligible for relief will however be as prescribed in sec.80C(4) of the I.T.Act.