Lux Investing

Can I invest money in name of my Grandson and claim exemption under section 80C?

Can I invest money in name of my Grandson and claim exemption under section 80C? what are the options available for investing. my age is 62 years and my grandson is 1 year old

Public Comments

1. In case of life insurance, unit linked insurance policies, provident fund, annuity plans, the answer is simply NO. For other investments like fixed deposits, mutual fund, nabard bonds, savings certificates you have to take opinion of good consultant.
2. It is better invest the amount in your name and keep your grand son as nominee or as a joint holder. See that your name is first and the other name in 2nd place. If you invest in this way, there will not be any problem at all. You can claim deduction without any dispute and the nominee or the 2nd (Joint holder) will have full right in case of un expected situation. The joint holding should be either or survivor. I under stand your intention. Even now you can easily add nominee name for all your old investments also. For bank accounts, I advise you to add some one as joint holder (E or S). For your information, since 30 years all my accounts are in joint holding (E or S). To be on safe side I have already registered a will also. (I am 63).