Limit of minors for deduction
This query is : Resolved
10 June 2013
I currently hold a PPF account. I want to open two more accounts for my children who are minor at the moment. In a given financial year can I deposit a sum of Rs one Lakh each in my account, my son's account and my daughter's account? Is this acceptable from tax point of view? I understand that I will be depositing Rs three lakh in a given financial year, but will be eligible only for Rs one Lakh for tax exemption.
PLEASE ANSWER STATING THE PROVISIONS OF THE PUBLIC PROVIDENT ACT, 1968. ALSO MENTION THE AMENDMENTS ALSO, IF ANY.
PLEASE ANSWER STATING THE PROVISIONS OF THE PUBLIC PROVIDENT ACT, 1968. ALSO MENTION THE AMENDMENTS ALSO, IF ANY.
16 June 2013
There is no restriction under tax point of view. maximum you can take deduction u/s.80 up to Rs.1 lakh only
Guest
Guest
(Expert)
16 June 2013
maximum amount deposit under PPF in a financial year is Rs 100000
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
- CLOSING STOCK QUERY
- TDS _Long term Capital Gain ref.sec 214 Table 2
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Query regarding TDS on EPFO Higher Pension Arrears- under wrong section
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Traces submitting correction statement error
- Gst on travel by air for business purposes
- Rent claimed on building given on permissive possession basis
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
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
