PPF Account

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Rahul Saraswat (Querist)
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02 March 2011 Dear Sir

Suppose I earned an interest of Rs. 1000/- on my savings in a PPF account on 31 Mar 2011, can I claim rebate on this interest component too while filing the Income Tax return.
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RAhul

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 March 2011 Deduction under section 80 C is not allowed for PPF interest. But the interest is a tax free income to be disclosed in the IT return.

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Rahul Saraswat

Rahul Saraswat (Querist)
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02 March 2011 Sir thank you very much for the reply. Can you please help in one more thing? My child (5yrs old) is studying in a school and my wife is claiming deduction of tution fee. However, he is also going in a private day care center from where we are getting receipts. Can the same is elligible for deduction in any section.

Regards
Rahul

K V Subba Rao

K V Subba Rao (Expert)
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02 March 2011 Sri Warrier's answer is correct.

In order to avail Sec 80C Deduction, you may explore the possibility of withdrawing from out of accumulated balance and invest the same as "fresh" deposit in PPF account.

For withdrawal rules, the following link may be viewed:
https://www.welcome-nri.com/info/project/PPF_Rules.htm

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 March 2011 My understanding says, tuition fee of day care center is not eligible for 80C deduction.

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