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TMI BlogDeduction under section 80C of the Income-tax Act, 1961, in respect of contributions made to National Savings Certificates VI & VII IssuesX X X X Extracts X X X X X X X X Extracts X X X X ..... on 80C(2)(h) of the Income-tax Act, 1961, an individual or Hindu undivided family or an association of persons or a body of individuals consisting only of husband and wife governed by the system of community of property in force in the Union territories of Dadra and Nagar Haveli and Goa, Daman and Diu is entitled to a deduction in respect of any sums paid in a previous year out of his or its incom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contributed the amount. (ii) Whether rebate of income-tax under section 80C will be available where (a) National Savings Certificates VI Issue/VII Issue are purchased in the name of spouse and minor children, and (b) jointly by husband and wife? The answer to question (i) will apply also here. The deduction under section 80C is to be given to the person who has purchased the National Savings C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he test of having been paid out of income chargeable to tax to get the National Savings Certificate and so will be entitled to deduction under section 80C. (v) Whether a karta of an HUF can buy National Savings Certificates in the name of any member of the HUF? Where subscription to the National Savings Certificates in the name of any member of the HUF is shown by the family to have been made ..... X X X X Extracts X X X X X X X X Extracts X X X X
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