Ppf

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kaushik kakkad (Querist)
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07 February 2012 can we deposit more than 1 lac in ppf A/c? as nw we r getting deduction of RS. 1 lac.....if no than under wich section?

CA Parth Shah

CA Parth Shah (Expert)
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07 February 2012 No.. Threshhold limit for PPF under 80C is Rs.100000 only.

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)
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07 February 2012 You can deposit but total deductions u/s. 80c will be Rs. 100000/-only.

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CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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07 February 2012 Fact is that even maximum limit for deposit in PPF in a year is Rs. 100000 which was Rs. 70000 before, now revised to Rs. 1 Lac

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Guest

Guest (Expert)

07 February 2012 Maximum deduction irrespective of higher amount deposited is RS. 1.00 Lacs

kaushik kakkad

kaushik kakkad (Querist)
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09 February 2012 ya but can we get interest on that deposited amount? bank should accept the amount more than 1.lac?

CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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09 February 2012 Bank will accept only amount of Rs. 1 Lac p.a. in PPF A/c. Bank can accept deposit in any other account i.e. corresponding savings account which is required to be opened for opening a PPF A/c

kaushik kakkad

kaushik kakkad (Querist)
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10 February 2012 but here the bank had accpted the amount around 3. lacs.....wat about that amount? and their interest?

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CA Nikhil Jhanwar

CA Nikhil Jhanwar (Expert)
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10 February 2012 Interest as applicable for PPF will be provided only on Rs. 1 lac and balance amount of Rs. 2 Lac will attract interest of savings a/c rate

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