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
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.
.
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