Sir,
I have one PPF a/c in my own name. Today I have opened one PPF a/c in my son's name who is minor (09 years old).
If before 31st March 2009, I deposited Rs. 10000/= In my own PPF A/c & also Rs. 10000/= in my sons PPF a/c then, can I claim dedction of Rs. 20000/= us/ 80C. in the financial year 2008-09.?
Please advice.
Sudheer
Amount deposited by the assessee in his own account, in the account of his wife as well as in the account of his child all are deductible u/.s 80C.....but the aggregate deduction for the payment to all the accounts shall be deductible upto Rs.70000/- only...........
Amount deposited by the assessee in his own account, in the account of his wife as well as in the account of his child all are deductible u/.s 80C.....but the aggregate deduction for the payment to all the accounts shall be deductible upto Rs.70000/- only...........
MR.ASHISH IS CORRECT...
CAclubindia
