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One common question that comes to mind of income tax payees is what are the scheme that allow investing on their dependents name. This blog aims to summarize that for you.
While you can invest on your dependents name not all schemes will be eligible for income tax exemption. Please go through the following table.
Is investment made on dependent’s name eligible for Income Tax Benefit?
| Income Tax Section | Is investment made on dependents name eligible for Tax Benefit? | Comments | |
| Medical Insurance | 80D | YES | Allowed for Self, Spouse, Children & Parents |
| Medical Treatment for Handicapped Dependent | 80DD | YES | Allowed for Self, Spouse, Children, Parents, Dependent Brothers & Sisters |
| Medical Treatment for Specified Disease | 80DDB | YES | Allowed for Self, Spouse, Children, Parents, Dependent Brothers & Sisters |
| Interest on Education Loan | 80E | YES | Allowed for Self, Spouse & Children |
| Donations to Certain Funds, Charitable Institution etc., | 80G | NO | Only Allowed for Self |
| Permanent Physical Disability including Blindness | 80U | NO | Only Allowed for Self |
| Pension Policy | 80CCC | NO | Only Allowed for Self |
| Rajiv Gandhi Equity Savings Scheme | 80CCG | NO | Only Allowed for Self |
| Provident Fund | 80C | NO | Only Allowed for Self |
| Voluntary Provident Fund | 80C | NO | Only Allowed for Self |
| Life Insurance Policies | 80C | YES | Allowed for Self, Spouse & Children |
| PPF | 80C | YES | Allowed for Self, Spouse & Children |
| NSC | 80C | NO | Only Allowed for Self |
| Infrastructure Bonds | 80C | NO | Only Allowed for Self |
| Tuition Fees | 80C | YES | Only Allowed for up to 2 Children |
| ELSS | 80C | NO | Only Allowed for Self |
| ULIP | 80C | YES | Allowed for Self, Spouse & Children |
| 5-Yr bank fixed deposits | 80C | NO | Only Allowed for Self |
| Senior Citizen Savings Scheme | 80C | NO | Only Allowed for Self |
| 5-Yr post office time deposit scheme | 80C | NO | Only Allowed for Self |
| NABARD rural bonds | 80C | NO | Only Allowed for Self |
| NPS | 80C | NO | Only Allowed for Self |
| Interest on NSC | 80C | NO | Only Allowed for Self |
| Stamp Duty & Registration Charges on house | 80C | NO | Only Allowed for Self |
| Home Loan Principal Repayment | 80C | NO | Only Allowed for Self |
| Housing Loan on Self Occupied Property | 24 | NO | Only Allowed for Self |
| Housing Loan on Let Out Property | 24 | NO | Only Allowed for Self |
| Deduction on interest on home loan for first time buyers | 80EE | NO | Only Allowed for Self |
| House Rent Allowance | 10 (13A) | NO | Only Allowed for Self |
| Deduction in respect of Rents Paid | 80GG | NO | Only Allowed for Self |
| Interest on Savings account | 80TTA | NO | Only Allowed for Self |
Photo by National Library of Ireland on The Commons
Divya is a Financial Advisor at DivyaAdvisor.com. She has MBA(Finance) from BIT,Mesra,Ranchi and authorized distributor of financial products listed below. Products: LIC of India, Star Health, Shares and all Mutual Funds Houses in India Others: Tax Free Bonds and Real Estate Advisory
