PPF Exemption
This query is : Resolved
17 February 2010
I want to open a PPF account in my daughter's name who is a minor.Can I claim tax exemption under 80C for the same?
Can I open another PPF account in my name and wife name?
Can I claim 80C benefit for contribution to all the three accounts viz... [PPF in my name , daughter name and spouse name]
Can I open another PPF account in my name and wife name?
Can I claim 80C benefit for contribution to all the three accounts viz... [PPF in my name , daughter name and spouse name]
CA Chitresh Gupta
(Expert)
17 February 2010
Yes
CA Chitresh Gupta
(Expert)
17 February 2010
Yes, but maximum deduction allowed u/s 80C is Rs 100000/-
17 February 2010
But PPF contribution is limited to Rs 70000 maximum per annum?
Aditya Maheshwari
(Expert)
17 February 2010
whereas the maximum contribution a person can make is 70,000 deduction allowable u/s 80C Rs. 100,000
CA Ravi Sisodia
(Expert)
17 February 2010
Agree, maximum contribution is Rs.70000/- for PPF , Rs.100000/- FOR 80C
CMA Ramesh Krishnan
(Expert)
18 February 2010
Agreed Rs.70000/ of PPF claimed and Rs.1 Lakh for 80C
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