https://www.taxtmi.com/circulars?id=4805 Deduction under section 80C for NSC VI and VII is available only to the person who paid the subscription out of income chargeable to tax; in joint holdings the first-named may claim the deduction only if he contributed the funds. Interest on NSC is includible in the hands of the subscriber who furnished the taxable funds. Reinvested interest on the 6-year NSC VI Issue qualifies for deduction. An HUF may claim deduction where subscriptions by the karta in a member's name are shown to be paid from the family's taxable income and beneficial ownership vests in the family. en-us Tue, 15 Jan 1985 00:00:00 +0530 Sat, 02 Aug 2008 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4805 Deduction under section 80C for NSC VI and VII is available only to the person who paid the subscription out of income chargeable to tax; in joint holdings the first-named may claim the deduction only if he contributed the funds. Interest on NSC is includible in the hands of the subscriber who furnished the taxable funds. Reinvested interest on the 6-year NSC VI Issue qualifies for deduction. An HUF may claim deduction where subscriptions by the karta in a member's name are shown to be paid from the family's taxable income and beneficial ownership vests in the family. Circulars Income Tax Tue, 15 Jan 1985 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4805