Term deposit deduction under section 80C limited to the first holder for joint deposits; defines single and joint issuance. The Bank Term Deposit Scheme, 2006 recognises two deposit types: single holder deposits (issuable to an individual or the Karta of an HUF) and joint ... Summary
Term deposit deduction under section 80C limited to the first holder for joint deposits; defines single and joint issuance.
The Bank Term Deposit Scheme, 2006 recognises two deposit types: single holder deposits (issuable to an individual or the Karta of an HUF) and joint holder deposits (issuable to two adults or an adult and a minor, payable to either or the survivor). For joint deposits, the Scheme limits income-tax deduction entitlement to the first-named holder, defining who may claim the tax deduction for the deposit.
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