Investment on Whose Name
We know that we can save taxes by investing in various instruments. But a few days back I got queries on whose name can various investments eligible for tax saving investment be done. There are people who want to invest in their wife’s or child’s name or jointly and claim tax exemption on the same. Below is the list?:
Life Insurance – can be on own name, spouse, child (major/minor, dependent /independent)
EPF/ VPF – own name only
PPF (Public Provident Fund) – can be on own name, spouse, child (major/minor, dependent /independent)
NSC (National Saving Certificate) – Own name only
ELSS (Equity Linked Saving Scheme)/ Tax Saving Mutual Fund – Own name only. Can be on joint name but in this case first name should be of tax assessee only.
Also Read: Tax Planning Guide for FY 2015-16
Housing Loan – own name only.
Tution Fees – any two children
Tax Saving Fixed Deposit Scheme – own name only. Can be on joint name but in this case first name should be of tax assessee only.
Education Loan – can be on own name, spouse, child (major/minor, dependent /independent)
Medical Insurance – can be on own name, spouse, child or parents
In case you have further questions please ask through comments.
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Your replies are very clear and concise.i like it.
Can you let me know if I can offset capital gains tax for the sale of a plot and purchase of a house even if I am already owning a house in the same city?
Thanx
Ravi
For tuition fees, what is the maximum limit? Can the child be my in laws daughter? As they are unable to pay school fees....
The maximum deduction available on Tutuion Fee is Rs 1 Lakh. The tax benefit is available to the parents and not to relatives. So you cannot claim tax benefit for paying school fee for your in-laws daughter, even though you are paying it.
Hello Amit.... i m reading ur block since 15 days and saved some relevant slides....u r a gr8 personality fr helping beginners and other help seekers....i want to become tax expert because i am from the field of accounts and taxation(ca).....i don't have any other support....such as looking for practical training.....i have internet with me for 24 hours....i m a hard working person with smart approach....please let me know about the various studies for becoming a tax consultant after my ca......ur encouragement will b more dan help......thanks bro.....tc
Can I invest money in name of my Grandson and claim exemption under section 80C? what are the options available for investing. my age is 62 years and my grandson is 1 year old
You can NOT invest only in the name of grandson to claim tax benefit. However you can make him nominee in your investments and life insurance.
I think your reply should read "You can NOT invest only in the name of grandson to claim tax benefit" NOT is an omission.
Thanks for pointing this out. Have corrected it
Dear Mr.Amit, I am regular reader of all your columns. All your articles are in simple language and very relavant. Keep up this great service.
Thank you very much. Few people like you make a great difference to many lives.
Thanks! It means a lot to me :)
Dear AMIT,
I have been a regular reader of your blog now for last 8 to 10 months, and i must appreciate the kind of effort you put in to collect all the details..Me being an Insurance and MF advisor, have benefited immensely from the charts and data you put up regularly..Keep up the good work bro..
Thanks Dhawal!
Your comment was highly encouraging.
Amit