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.
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
