PPF deduction claim

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229 Points Posted on 17 July 2023
Can a parent claim deduction of deposits made in a PPF account of a child?
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On 17 July 2023 at 14:15 Report
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This discussion clarifies whether parents can claim an Income Tax deduction under Section 80C for deposits made into their child's Public Provident Fund (PPF) account. The consensus is that a deduction can be claimed, particularly if the child is a major and the account holder hasn't claimed it themselves. The rules differ slightly depending on whether the child is a minor or a major.

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SEO Sai Gr. Hosp.
212511 Points Posted on 17 July 2023

Is child minor or major?

If minor, who is the guardian recorded in the PPF account?

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On 17 July 2023 at 15:23
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229 Points Posted on 17 July 2023
Child is Major
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On 17 July 2023 at 18:00
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SEO Sai Gr. Hosp.
212511 Points Posted on 17 July 2023

You may claim the deduction if the account holder has not claimed it.

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On 17 July 2023 at 18:08
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229 Points Posted on 17 July 2023
It is covered under S.80C (2)(iv) or S.80C (2)(v)
As, if it is covered under Clause (iv) then we can claim
Need clarification upon this..
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On 17 July 2023 at 19:17
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SEO Sai Gr. Hosp.
212511 Points Posted on 17 July 2023

Here the interpretation is for minor child dependent on parents. But many take it for major one also.

So, I agree you can take deduction u/s. 80C.

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On 17 July 2023 at 19:52
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Profession
28269 Points Posted on 18 July 2023
Take deduction of 80C
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On 18 July 2023 at 12:53

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