Ppf decution in 80c in huf

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Yash Dave (Querist)
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21 June 2012 HUF KARTA OF THE FAMILY HAVE MADE PAYEMENT OF PPF FROM HIS HUF SAVING A/C THE PPF A/C IS IN HIS WIFE NAME MY QUESTION AS UNDER

1. WHILE FILING INCOME TAX RETURN FOR FIN YEAR 2011-2012 WHO CAN TAKE DECUCTION U/S 80 C OF PPF CONTRIBUTION WIFE OR HUF PLEASE EXPLAIN IN DETAILS

2. I HAVE ALSO HEARED THAT NOW HUF WILL NOT GET DEDUCTION IN 80C OF PPF CONTRBUTION IS IT TRUE EXPLAIN IN DEATILS

Ca Anand Dubey

Ca Anand Dubey (Expert)
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22 June 2012 1. Karta wife can take deduction as the PPF a/c in her name and the amount deposited in that assessee a/c

2.As per Income tax HUF will get deduction for deposit in PPF (U/S 80C) but RBI has directed bank to close HUF ppf a/c and Banks are not opening any new PPF a/c for HUF.

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