PPF Deduction u/s 80C
This query is : Resolved
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?
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
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/-.
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.
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?
Manmohan ACA, CS
(Expert)
18 April 2009
It is immaterial from whose account the amount is paid deduction is allowed
21 April 2009
answered
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