HUF PPF A/c

This query is : Open

Rajesh D. (Querist)
Follow

20 April 2009 I am having a PPF a/c of my HUF operational from last 10 years. The first block of 15 years is not complete and will be complete in 2014. 1. Can I continue to subscribe Rs. 70000/- per year 2. Will I earn interest in this A/c for the previous amount and for amounts invested upto 2014 ? 3. Can I claim exemption under section 80-C from Income Tax for HUF.
Please advise.
Thanks and Regards
Rajesh

CA.Pujah

CA.Pujah (Expert)
Follow

20 April 2009 Rajesh,
U can of course subscribe 70000/- p.a.
you will earn interest on the amounts deposited from the date of deposit & will continue later too, but at prevailing rates.
U can claim deduction u/s 80C for max 70000/-

Rajesh D.

Rajesh D. (Querist)
Follow

20 April 2009 It is an HUF PPC A/c

Upgrade to CAclubindia Pro. Subscribe Now!