07 June 2010
An individual deposited Rs.70000 in ppf and Rs 30000 in name of his minor child.what is deduction u/s 80C?Rs70000 is maximum deposit under ppf or maximum deduction?
07 June 2010
As per 80-C the maximum deduction is only Rs.70000 eventhough the payment is divided into many accounts.Hence you can claim only Rs.70000.
07 June 2010
Moreover if the said individual is named guardian of the minor PPF A/C then he may not get the interest on the minir account. Please check the PPF account opening form for the said restriction.
CAclubindia
