26 January 2016
A PERSON HAVE CREATED A TRUST IN NAME OF HIS GRAND DAUGHTER. HE HAS BEEN ALLOTED PAN NUMBER IN INDIVIDUAL CATEGORY.AS TRUST INCOME IS MORE THAN 500000.NOW HE WANT TO OPEN PPF ACCOUNT IN NAME OF HIS GRAND DAUGHTER.HE WANT TO INVEST RS.150000 BY DEBITING SAID TRUST ACCOUNT.WILL HE GET DEDUCTION OF RS.150000 UNDER 80 C ?
27 January 2016
Investing in Daughters Name will not get deduction under 80C. More over trust Status is different so pan number should be obtained in the trust name. you have to create Trust Deed and same to be registered in Sub register office.with the deed you have to apply PAN number.
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