9911796707
TMI BlogInvestment in National Savings Certificates, etc.-Exemption on holdings in the names of minor childrenX X X X Extracts X X X X X X X X Extracts X X X X ..... vings Certificates, etc.-Exemption on holdings in the names of minor children. Reference is invited to Circular No.39(3)-IT/57, dated the 20th May, 1958, and No.167/56/71-IT(AI), dated 3rd February, 1973 (Circular No.102). 2. It has been brought to the notice of the Board by the National Savings Commissioner that some Income-tax Officers are not giving exemption from income-tax on tax-free sav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -tax should be allowed also in respect of the investments made in the name of his wife or each minor child up to the limit of the maximum amount that may be invested in their names in the tax-free savings certificates. This decision was communicated, vide Board's Circular No.39(3)-IT/57. Similarly, in Board's Circular No.102* the Government's decision was communicated that in the case of joint hol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Joint investments not allowed These limits are for the entire period of the accounts standing in the name of the assessee or his minor children and wife. 5. The certificates covered under section 10(15)(ii) of the Income-tax Act, 1961, which have since been discontinued but interest on which continues to be free of income-tax are as under:- 1. 10-Year T.S.D-Cs and 10-Year D.D.Cs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ef had not been given as stated above, suitable remedial measures should be taken to grant such relief. Yours faithfully, (Sd.) J.P. Sharma, SECRETARY, CENTRAL BOARD OF DIRECT TAXES. See [1973] 88 ITR (St.) 75. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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