Ppf

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kaushik kakkad (Querist)

07 February 2012 can we deposit more than 1 lac in ppf A/c? as nw we r getting deduction of RS. 1 lac.....if no than under wich section?

CA Parth Shah

CA Parth Shah (Expert)

07 February 2012 No.. Threshhold limit for PPF under 80C is Rs.100000 only.

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)

07 February 2012 You can deposit but total deductions u/s. 80c will be Rs. 100000/-only.

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)

07 February 2012 Fact is that even maximum limit for deposit in PPF in a year is Rs. 100000 which was Rs. 70000 before, now revised to Rs. 1 Lac

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Guest

Guest (Expert)

07 February 2012 Maximum deduction irrespective of higher amount deposited is RS. 1.00 Lacs

kaushik kakkad

kaushik kakkad (Querist)

09 February 2012 ya but can we get interest on that deposited amount? bank should accept the amount more than 1.lac?

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)

09 February 2012 Bank will accept only amount of Rs. 1 Lac p.a. in PPF A/c. Bank can accept deposit in any other account i.e. corresponding savings account which is required to be opened for opening a PPF A/c

kaushik kakkad

kaushik kakkad (Querist)

10 February 2012 but here the bank had accpted the amount around 3. lacs.....wat about that amount? and their interest?

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)

10 February 2012 Interest as applicable for PPF will be provided only on Rs. 1 lac and balance amount of Rs. 2 Lac will attract interest of savings a/c rate

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