Ppf deduction u/s 80c
This query is : Resolved
11 February 2017
Dear Sir,
My one client has opened PPF A/c in his individual name. And PPF payment was made from HUF Bank Account and also taking benefit in HUF Account under 80C because now PPF account is not allowed to open in HUF Name. So Upto now Payment from HUF Bank Account for PPF and benefit under 80C deduction is also taken in HUF. But Now I want to take benefit in Individual instead of HUF. Shall I switch over from HUF to Individual. is there any lock in period for that?
Please inform
My one client has opened PPF A/c in his individual name. And PPF payment was made from HUF Bank Account and also taking benefit in HUF Account under 80C because now PPF account is not allowed to open in HUF Name. So Upto now Payment from HUF Bank Account for PPF and benefit under 80C deduction is also taken in HUF. But Now I want to take benefit in Individual instead of HUF. Shall I switch over from HUF to Individual. is there any lock in period for that?
Please inform
11 February 2017
Yes you can switch over and make payment from individual account instead of HUF account.
11 February 2017
You just need to make paymemt from Individual account instead of from HUF account to claim deduction of PPF. No lock in period for this.
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