PPF Deduction u/s 80C

This query is : Resolved 

18 April 2009

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?

Sourabh (Expert)
18 April 2009

The Maximum limit for deduction u/s 80c for PPF is 70000 in a year.

If his son is a major or files ITR than he will be eligible for only Rs.50000/-.

CA. Krishna K Neeraj (Expert)
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.

Rahul (Querist)
18 April 2009

even if the payment is made through son's bank a/c?? will the father get deduction in respect of such sum?

Rahul (Querist)
18 April 2009

please clarify!

Manmohan ACA, CS (Expert)
18 April 2009

It is immaterial from whose account the amount is paid deduction is allowed

CA Devanshi Gandhi (Ajani) (Expert)
21 April 2009


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