18 April 2009
Sir, Our client has invested Rs.50000 in PPF a/c in his own name. Rs.50000 has been inveted by his son in his own PPF a/c. Now, I would like to know whether he(father) ll get deduction u/s 80C for Rs.50000, 70000 or Rs. 100000 in respect of this transaction if he wants to claim PPF investment made by his son?
18 April 2009
An individual can get maximum deduction of rs. 100000/- U/s 80C by depositing PPF amount in the name of himself, his spouse or childern. Rs.70000/- cap is under THE PUBLIC PROVIDENT FUND SCHEME and not under the income tax act.
CAclubindia
