Hi!
U/s 80C where deduction limit is 1,00,000.00
Assessee has limit of 70000 for PPF u/s 80c for deduction. He has deposited the amount in his PPF Account.
In case the assessee also deposit 70000 on account of minor being a guardian whether both the amount (his & minors) will be allowed as deduction or only the guardian portion will be allowed.
Kindly throw some suggestion
BOTH WILL BE ALLOWED, RESTRICTED TO RS.100000/-
| Originally posted by : Prahlad Pachisia | ||
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Hi! U/s 80C where deduction limit is 1,00,000.00 Assessee has limit of 70000 for PPF u/s 80c for deduction. He has deposited the amount in his PPF Account. In case the assessee also deposit 70000 on account of minor being a guardian whether both the amount (his & minors) will be allowed as deduction or only the guardian portion will be allowed. Kindly throw some suggestion |
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if banker has accepted the same without any query, then it can be claimed subject to ceiling of 1 Lacs, but as the PPF of minor is opened on the strength of PAN of guardian only, depositing bank may refuse to accept the contribution in excess of 70000, ( now revised limit is 1 lacs)
Agreed with Mr Sharma Views.
Both will accpected but chapter VI A deductions restricted to Rs.100000/-
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