Deduction for cumulative time deposits in family members' names permitted where funds derive from depositor's income and subject to limits.

Deduction under section 80C(f) applies to cumulative time deposits made by an individual in the names of his wife and minor children provided the deposited amounts are from the individual's income chargeable to tax. Multiple accounts do not bar the deduction. The total eligible contribution to the cumulative Time Deposit scheme, when combined with payments like life insurance premiums and provident fund contributions, is subject to the statutory aggregate limit prescribed by the relevant provision.

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