Hello everyone
I need clarification on a point which is that
If a HUF had a PPF account on the name of HUF (opened before May, 2005) and HUF made a deposit of Rs. 50000.00 in the same account from the its own interest income.
Is it eligible for deduction
if HUF opened PPF account by own HUF interest income than deduction will be available to HUF. If Huf members personal interest income invest in PPF account than only deduction will be available to those individual investor.
Ya HUF can get deduction of PPF u/s 80C but i thing alwez keep in mind that which amount HUF deposit in PPF a/c it will be not from his own personal (individual) Account.
CAclubindia
