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Ppf investment
sir can father can claim investment made by him ( cash) in the ppf account of son who is a major ( son is no a income tax assesse) as investment u/s 80 c when father is filing ITR REGARDS
PUNEET GAUTAM
Replies (6)
yes he can.
Hi,
yes, refer 80C(v), 80C(4)(a)(i)
For any further query PM or mail me.
AJH & CO.
anubhavjain @ ajhco.in
Yes, the father will get the deduction u/s 80C.
The deduction is available to the person who pays the amount of investment.
Prima facie it is correct that investment made by father in the name of child is eligible for deduction. But in my opinion, when the child attain the age of 18 years then parent lost the control on the account and account may be operated by the adult. Hence, technically, when the account is being operated by the child independently then amount may be deposited by him only and only he will be eligible to claim the deduction, not the parents.
U/S 80C deduction is payment based deduction. Hence who pay the money is eligible for deduction u/s 80C. So here father can claim the deduction.
An individual shall be allowed deduction u/s 80C for the amount invested by him in PPF in his own name or in the name of his spouse and children. Thus, the father here is eligible for deduction u/s 80C.
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