Tax Solve (Assistant) (49 Points)
02 September 2016Dear Friends,
I have a query regarding Sukanya Samriddi Yojana.
1. Can a Grand Father/ Grand Mother can open a Sukanya Samriddi Yojana. account on behalf of a girl child?
2. If yes than Can Grand Father/ Grand Mother Can elligible for tax benefit in 80 C ?
Thanks and Regards in advance
ANKUR TAH
(Teacher Consultant and CA finalist.)
(543 Points)
Replied 02 September 2016
The scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. The scheme currently provides an interest rate of 8.6% (for FY2016-17) and tax benefits. The account can be opened at any India Post office or branch of authorised commercial banks.
1st ans: The account can be opened anytime between the birth of a girl child and the time she attains 10 years age by the guardian. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exception allowed for twins and triplets). The account can be transferred to anywhere in India.
Note: guardian means who take care of baby girl.
2nd ans: Tax benifit
At the time of launch, only the deposits in the account were eligible for tax deduction under Section 80C of the Income Tax Act, which is ₹150,000 in 2015-16. However, Finance Minister Arun Jaitley announced, during the 2015 Union Budget, tax exemption on the interest from the account and on withdrawal from the fund after maturity, making the tax benefits similar to that of the Public Provident Fund. These changes were applied retrospectively from 1 April 2015. These benefits will be reassessed annually.
To know more in detail go sukanya samidhi website.
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