Saving in ppf
This query is : Resolved
Deepak suri
(Querist)
19 August 2013
IN MY FAMILY I HAVE 3 PPF ACCNTS ,ONE IS MINE,ONE OF MY MINOR DAUGHTER AND ONE OF MY MINOR SON .bOTH CHILDREN ACCOUNT I AM SUBSCRIBING. hOW MUCH CAN I SAVE IN TOTAL OF THREE acC AND HOW MUCH IS ELIGIBLE FOR TAX SAVING.
19 August 2013
As per sec 80C you can get tax benefit of 1,00,000 only.
19 August 2013
Now the income tax act is ammended and rs 1,00,000 is allowed against earlier 70,000.
CA Kumar Mukesh
(Expert)
19 August 2013
Investment in PPF is eligible to get deduction from Income Tax u/s 80C, if amt deposited during the financial year in the name of Self Spouce or children with lock period of 5 Years
Further whole amt. of Interest credit in PPF a/c is exempt in the hand of Assessee u/s 10(11)
Regards,
Further whole amt. of Interest credit in PPF a/c is exempt in the hand of Assessee u/s 10(11)
Regards,
Deepak suri
(Querist)
19 August 2013
HOW MUCH I CAN SAVE IN ALLTHREE ACCOUNTS--- 3 LAKH OR ONLY 1 LAKH.PL CLARIFY
CA Kumar Mukesh
(Expert)
19 August 2013
upto rs.1 lac
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