Sukanya samriddhi scheme & ppf investments together

Tax planning 463 views 7 replies

Captain Kumar

self

89 Points Posted on 12 November 2018

Hi. I want to invest for my minor daughter in Sukanya Samriddhi scheme. I have my own individual PPF account in my name. If, I invest in Sukanya Samriddhi scheme will the combined investment limit of Rs 150000 be applicable to me, as I invest Rs 150000 in my PPF every year & if I invest in Sukanya Samriddhi scheme Rs 150000 more, will it be permissible? I mean to ask Rs 150000 in my personal PPF account & Rs 150000 in my minor daughter's Sukanya account. Please guide, if is confusing. Thanks

Replies (7)

Sowmiya

Student

126 Points Posted on 12 November 2018

you cannot claim both deduction in your name because d particular section includes both d deduction is restricted to RS. 1.5 l only

rama krishnan

12244 Points Posted on 12 November 2018

the total deduction claimed under section 80c, 80ccc 80ccd(1) is restricted to 1.5 lakhs

Captain Kumar

self

89 Points Posted on 13 November 2018

Thank you for your reply. I understand about claiming deduction, but can I invest in both schemes? PPF for myself with contribution of Rs 150000 and Sukanya Samriddhi for my minor daughter witth contribution of Rs 150000? Please clarify. Thanks

Captain Kumar

self

89 Points Posted on 13 November 2018

rama krishnan

12244 Points Posted on 13 November 2018

there's no bar in investment but the only case is that you will be allowed deduction to a maximum of 1.5 lakhs irrespective of investment

Captain Kumar

self

89 Points Posted on 26 February 2019

This is in reply to your answer regarding my query. A question came in my mind, that as you had mentioned that there is no investment bar in sukanaya scheme and PPF, but only deduction of 150000 is allowed. Please let me know the following.

1. Any interest income in PPF and Sukanya scheme beyond Rs 150000 will be taxable or not?

Thank you. Regards.

Captain Kumar

self

89 Points Posted on 27 February 2019

Thank you. As I know it is taxfree, but this does not solve my query. As myself have a PPF A/c, my minor daughter have a PPF account and Sukanya samriddhi account. I understand that if I contribute Rs 500 per year to my minor daughter's PPF account and in my personal PPF account I contribute Rs 149500 and in her Sukanya account I contribute Rs 150000 per year. Is it OK? As I will claim deduction of only Rs 150000 [ Rs 500 + Rs 149500 ], so can I subscribe Rs 150000 in her Sukanya account this way? Please clarify. Thank you. Regards.