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Hi, Can I buy Mutual fund in spouse name and still claim tax deduction under sec 88? Pls give link from net.?


Hi, Can I buy Mutual fund in spouse name and still claim tax deduction under sec 88? Pls give link from net.?

What Mr. Kumar R said is correct.

If you have already purchased it it is OK. Otherwise I suggest you to buy in Joint names (Either or Survivor), keeping your name first.

It is always best practice to have a joint holder (E or S) for all the accounts like bank account etc., In case of un expected problems it will help. For shares and demat accounts keep some one as nominee. It is my practical experience. I am having all my accounts in that way.

The section 88, Now becomes section 80C.

In section 88 the tax was reduced at specific rates In section 80C the gross income is to be reduced. up to Rs. 1,00,000\-.

Replying to your query : yes one can invest in the name of spouse , out of one's own income and avail the deduction u/s80C.

link : http://law.incometaxindia.gov.in/Taxmann...

Here click on section 80C. A pdf file will open.

Good luck.

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