Deduction of ppf u/s 80cc
This query is : Resolved
20 February 2013
Hello Experts & CA's
I want to know that if I am a gaurdian of my minor child. I had opened the PPF a/c in the name of my child u/g of myself. The payment made in this a/c through my HUF a/c and my child is co parcener in the HUF.
My question to you is Can HUF avail the tax benefit of 80CC for deposit in PPF a/c of my child?
Regards
Sanjay
I want to know that if I am a gaurdian of my minor child. I had opened the PPF a/c in the name of my child u/g of myself. The payment made in this a/c through my HUF a/c and my child is co parcener in the HUF.
My question to you is Can HUF avail the tax benefit of 80CC for deposit in PPF a/c of my child?
Regards
Sanjay
CA PARAS BAFNA
(Expert)
24 February 2013
AS PER INCOME TAX ACT YOU COULD CLAIM THE DEDUCTION U/S 80C TECHNICALLY, BUT HUF'S ARE NOW NOT ALLOWED TO OPEN PPF A/CS OF IT OR ITS MEMBERS.
.
THIS MAY RESULT IN DISALLOWANCE OF DEDUCTION CLAIM IN CASE OF THE HUF AS THE SUBSCRIBER IS THE HUF TO WHICH THEE PPF BENEFITS HAVE BEEN RESTRICTED.
.
HOWEVER, HUF CAN PAY LIC PREMIUM OF ANY OF ITS MEMBERS.
.
.
THIS MAY RESULT IN DISALLOWANCE OF DEDUCTION CLAIM IN CASE OF THE HUF AS THE SUBSCRIBER IS THE HUF TO WHICH THEE PPF BENEFITS HAVE BEEN RESTRICTED.
.
HOWEVER, HUF CAN PAY LIC PREMIUM OF ANY OF ITS MEMBERS.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
