HUF PPF a/c and 80-C income tax
This query is : Open
23 April 2009
I am having a PPF a/c of my HUF operational from last 10 years. The first block of 15 years is not complete and will be complete in 2014. 1. Can I continue to subscribe Rs. 70000/- per year 2. Will I earn interest in this A/c for the previous amount and for amounts invested upto 2014 ? 3. Can I claim exemption under section 80-C from Income Tax for HUF. 4. If my HUF invest 70000/- in its own PPF A/c and 30000/- in my son's PPF A/c in the same year, can the HUF clain full 100000/- exemption under 80-C from income tax.
Please advise.
Thanks and Regards
Please advise.
Thanks and Regards
CA Tilak Raj Sharma
(Expert)
23 April 2009
3. Yes, you can claim deduction for Rs. 1L.
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