PPF Interest eligible for 80C Deduction?

Interest on PPF is exempt . nd contribution to ppf is eligible for deduction u/s 80c

Interest on PPF is exempt , nd Contributiion to PPF is eligible for deduction u/s 80c.

No

yes interest on ppf is exempt income, do not include in 80c deduction, just show in exempt income column in return.

 its exempt

If the amount is invested by an individual in PPF account of his son, in whose Income Tax return should the exempt interest on PPF be shown? In the individual's name or in the name of his son? What if the son is a minor?

If the amount is invested by an individual in PPF account of his son, in whose Income Tax return should the exempt interest on PPF be shown? In the individual's name or in the name of his son? What if the son is a minor?

Dear Simarreet,

In case of Minor the provision of clubbing will apply & interest has to be shown in the Return of the parent...

But in case of Major child - then interest will be shown in the return of the child.......

PPF interest re-invested in PPF can't be claimed u/s. 80C for the following reason / PRINCIPLE OF DEDUCTION:

You can claim that amount of income as DEDCUTION which is / was included in your TOTAL INCOME. Since PPF Interest is exempt, it doesn't form part of Total Income and hence can't be considered for Deduction u/s 80C. In case, this would have been taxable like NSC Interest then that can be included for claiming deduction u/s. 80C.

Hope this clarifies the query. If I am wrong, kindly feel free to correct.

Regards

CA Sunil D