80c ppf
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 February 2011
80c deduction
Abc person has opened ppf account in the name of his wife & 2 children (one is minor) ..during the A.Y. 2010-11 .he has invested total Rs. 20000 in these three ppf a/c ( one in name of wife & other 2 in his children-one is minor )…
My question…abc can claim deduction of Rs. 20000/- under 80c in this year???
If not under which provision he gets deduction???
Or for claiming deduction the only option is abc has to open ppf a/c in his own name!!!!!
Abc person has opened ppf account in the name of his wife & 2 children (one is minor) ..during the A.Y. 2010-11 .he has invested total Rs. 20000 in these three ppf a/c ( one in name of wife & other 2 in his children-one is minor )…
My question…abc can claim deduction of Rs. 20000/- under 80c in this year???
If not under which provision he gets deduction???
Or for claiming deduction the only option is abc has to open ppf a/c in his own name!!!!!
CMA Ramesh Krishnan
(Expert)
18 February 2011
PPF deposit on Spouse/Child name can be claime by the Individual
18 February 2011
Agree with Mr. Ramesh...
Deduction for PPF is available under section 80C, if PPF accounts are maintained under self/spouse or child name.
However overall limit can not exceed Rs. 70000/- per annum.
Deduction for PPF is available under section 80C, if PPF accounts are maintained under self/spouse or child name.
However overall limit can not exceed Rs. 70000/- per annum.
Guest
Guest
(Expert)
18 February 2011
Agree with experts.
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