1) A friend deposited a sum of Rs 1,50,000/- into my PPF account\.
(The Rs 150,000/- was subsequently returned to my friend)
2) will I be eligible for u/s 80C deduction?
Please help!
Gopal Mirchandani
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Ppf deposit - u/s 80c
Replies (2)
If you have repaid the amount by any banking channel (by treating the same as temporary loan); you will be allowed for 80C deductions.
Otherwise it will be treated as gift, which will attract tax liability.
Since it has gone into your PPF Account , 80C will be available.
Treatment as loan or Gift will not vitiate the allowability under section 80C
Treatment as loan or Gift will not vitiate the allowability under section 80C
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