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 and Rs.50000 in his wife's PPF a/c.
Now, I would like to know whether he ll get deduction u/s 80C for Rs.50000, 70000 or Rs. 100000 in respect of this transaction.
Our client has invested Rs.50000 in PPF a/c in his own name and Rs.50000 in his wife's PPF a/c.
Now, I would like to know whether he ll get deduction u/s 80C for Rs.50000, 70000 or Rs. 100000 in respect of this transaction.
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.
Manmohan ACA, CS
(Expert)
18 April 2009
answered
21 April 2009
answered
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