Investment in PPF for the FY 2020-2021 and Donation to Trust

Save Share

This query is : Resolved

Quick Summary

This discussion clarifies tax benefits for PPF investments and Trust donations for the financial year 2020-2021. It advises that investing in PPF in April 2020 allows claiming tax exemption for FY 2020-21. Similarly, donations to a Trust can be made in April 2020 to avail tax benefits. The response also notes that an extension to June 2020 is available for claiming deductions for FY 2019-20, particularly for those impacted by the March lockdown.

Bijoy Tekriwalla

Bijoy Tekriwalla (Querist)

29 March 2020 Dear Sir(s),

I want to invest in PPF for the next FY 2020 - 2021. If I invest in the month of April 2020, will I get Tax exemption benefit under 80C for the FY 2020 - 2021 or I should invest after June 2020?

Secondly, If I want to donate an amount to a Trust and want to get Tax benefit, when should I donate - Before April 2020 or after June 2020?

Seek your valuable advice please.

Regards,

Vijay

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

30 March 2020 You can invest in PPF in April 2020 and claim deduction in FY 2020-21.
Donation can be made in April 2020.

CA PARTH SHAH

CA PARTH SHAH (Expert)

30 March 2020 You will have option to claim deduction for FY 19-20 if you make investment till 30th June 20. But if you want to claim deduction for the investment made in April 20 for FY 20-21, you can claim it, as extension is given as an option to taxpayer who could not make investment in last 10 days of March 20 due to lockdown in the country.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now