13 April 2009
There are 4 Members in my family. Myself, My Father, My Mother & My Father as HUF.
I have PPF A/c in one bank only. no other members have PPF a/c in any other bank.
But we together ie my father, mother, My father as HUF and myself contribute Rs.10000/- each and deposit the amount in 1 PPF a/c by issuing cheque for the same from their respective bank a/c's.
My query is : If all four family member's income is above the exemption limit, can the claim their respective amount of Rs. 10000/- as deduction U/S 80C while filing their IT return.
Note : Their is only 1 PPF A/c and Total amount deposited iS 10000 x 4 = 40000/-
15 April 2009
I does Not Agree with above Answer becasue HUF why not Paid the PPF amount for his Member. because LIP deduction availebal to Parents for His Son,s LIP.
CAclubindia
