Investment in National Savings Certificates, etc.-Exemption on holdings in the names of minor children

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....: Investment in National Savings Certificates, etc.-Exemption on holdings in the names of minor children. Reference is invited to Circular No.39(3)-IT/57, dated the 20th May, 1958, and No.167/56/71-IT(AI), dated 3rd February, 1973 (Circular No.102). 2. It has been brought to the notice of the Board by the National Savings Commissioner that some Income-tax Officers are not giving exemption fr....

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....dren, the exemption from income-tax should be allowed also in respect of the investments made in the name of his wife or each minor child up to the limit of the maximum amount that may be invested in their names in the tax-free savings certificates. This decision was communicated, vide Board's Circular No.39(3)-IT/57. Similarly, in Board's Circular No.102* the Government's decision was communicate....

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....Provident Fund Rs. 20,000 in a year Joint investments not allowed These limits are for the entire period of the accounts standing in the name of the assessee or his minor children and wife. 5. The certificates covered under section 10(15)(ii) of the Income-tax Act, 1961, which have since been discontinued but interest on which continues to be free of income-tax are as under:- 1. 10-....