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Deduction

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(Querist)
29 February 2012 If an individual Purchase Mutual fund or deposit PPF on behalf of his child.

My question is will that individual can take claim U/S 80c of income tax act 1961.
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Krishna Mohan

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Krishna Mohan (Expert)
29 February 2012 PPF can be taken on behalf of his child and claim 80C. However, such provision is not there for mutual fund unlike ULIP,insurance premium. So, if you refer to a mutual fund which is ULIP he can take on his child name and claim 80C. But, if it is a mutual fund simplicitor, he cannot take on his child name and claim 80C.
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Ravi Jhamb

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Ravi Jhamb (Expert)
29 February 2012 Yes can take PPF deduction in 80C. But Mutual fund investment exempt only when it's continuously invested for 3 years.
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