Sec 80C and PPF investment benefits

70000 limit is in PPF rules not in incometax.

he can invest in own and family members name but overall limit is 70000 for any account as per PPF rules and 1 lac under 80C for self and family members jointly, for any taxable file.

So you mean to say it is possible to invest n self and spouce PPF account and max out section 80C limit?

hi

if it is spouse was asseseee then could'nt able to claim PPF 80C, the same concept like LIC Premium paid behalf of the spouse/dependent/wife 

Originally posted by : Ashwin
	So you mean to say it is possible to invest n self and spouce PPF account and max out section 80C limit?

true, pay by cheque only , to establish your payment towards family members account

" INterest recived on PPF A/c from Bank " can it be claimed as Deduction u/s 80C??, pls reply

Originally posted by : Siddharth Maratha
	" INterest recived on PPF A/c from Bank " can it be claimed as Deduction u/s 80C??, pls reply

PPF interest is tax free receipt u/s 10(11), 

when the amount is tax free nature, how one can claim deduction on it?

Unlike Accrude interest on NSC PPF interst is not reinvested.
 

whether the deduction on account of PPF is available.

If the PPF Deposit is in the name of:

1.   Son (Minor)    ?

2.   Son(Married)   ?

3.  Daughter (Married)  ?

4.  Daughter (Minor)  ?

5.  Child (Adopted Minor)  ?

6.  Child (Adopted Married)  ?

Kindly Reply, if Anybody knows the provisions practically

CA Rajiv Bansal

9888074316

whether the deduction on account of PPF is available.

If the PPF Deposit is in the name of:

1.   Son (Minor)    ?

2.   Son(Married)   ?

3.  Daughter (Married)  ?

4.  Daughter (Minor)  ?

5.  Child (Adopted Minor)  ?

6.  Child (Adopted Married)  ?

Kindly Reply, if Anybody knows the provisions practically OR Theoretically

CA Rajiv Bansal

9888074316

A parent/guardian can open an account for his/her minor children. Either parent can open the account in the name of a child. However, both cannot open in the name of same child. You can open PPF account with a post office. Alternatively, you can open a PPF account with any prescribed public sector bank (SBI, Union Bank, PNB, IDBI etc) or a few private sector banks (ICICI Bank and Axis Bank). You can enjoy tax deduction for investment into PPF accounts (of self, spouse and children) up to a maximum of Rs 1.5 lacs per financial year under section 8C.