Ppf decution in 80c in huf
This query is : Resolved
21 June 2012
HUF KARTA OF THE FAMILY HAVE MADE PAYEMENT OF PPF FROM HIS HUF SAVING A/C THE PPF A/C IS IN HIS WIFE NAME MY QUESTION AS UNDER
1. WHILE FILING INCOME TAX RETURN FOR FIN YEAR 2011-2012 WHO CAN TAKE DECUCTION U/S 80 C OF PPF CONTRIBUTION WIFE OR HUF PLEASE EXPLAIN IN DETAILS
2. I HAVE ALSO HEARED THAT NOW HUF WILL NOT GET DEDUCTION IN 80C OF PPF CONTRBUTION IS IT TRUE EXPLAIN IN DEATILS
1. WHILE FILING INCOME TAX RETURN FOR FIN YEAR 2011-2012 WHO CAN TAKE DECUCTION U/S 80 C OF PPF CONTRIBUTION WIFE OR HUF PLEASE EXPLAIN IN DETAILS
2. I HAVE ALSO HEARED THAT NOW HUF WILL NOT GET DEDUCTION IN 80C OF PPF CONTRBUTION IS IT TRUE EXPLAIN IN DEATILS
Ca Anand Dubey
(Expert)
22 June 2012
1. Karta wife can take deduction as the PPF a/c in her name and the amount deposited in that assessee a/c
2.As per Income tax HUF will get deduction for deposit in PPF (U/S 80C) but RBI has directed bank to close HUF ppf a/c and Banks are not opening any new PPF a/c for HUF.
2.As per Income tax HUF will get deduction for deposit in PPF (U/S 80C) but RBI has directed bank to close HUF ppf a/c and Banks are not opening any new PPF a/c for HUF.
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