Ppf deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2012
WHETHER PPF DEDUCTION IS ALLOWED FOR MAKING DEPOSIT IN PPF ACCOUNT IN THE NAME IF MARRIED DAUGHTER?
04 July 2012
Neither you nor your married daughter will be entitled to avail deduction.
As your married daughter is a adult child so deposit should have been made from her personal account to avail valid deduction. You have deposited in others account so not allowed.
BE PRACTICAL:
But be practical and be brave to take a risk by availing the benefit. Officers are too busy. But hence onwards avoid.
As your married daughter is a adult child so deposit should have been made from her personal account to avail valid deduction. You have deposited in others account so not allowed.
BE PRACTICAL:
But be practical and be brave to take a risk by availing the benefit. Officers are too busy. But hence onwards avoid.
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 July 2012
But as per the Provisions of Income Tax Act, 1961
"to get the benefit of deduction u/s 80C, amount deposited by an individual on his own account or in the account of his/her spouse or in the account of any child (in the case of HUF in the account of any member of the family)of is eligible for deduction"
The word any child describes that PPF Deduction is available for making deposit in the name of MAJOR/MINOR any Child (even adopted child)
Kindly clarify in the light of above provisions?
"to get the benefit of deduction u/s 80C, amount deposited by an individual on his own account or in the account of his/her spouse or in the account of any child (in the case of HUF in the account of any member of the family)of is eligible for deduction"
The word any child describes that PPF Deduction is available for making deposit in the name of MAJOR/MINOR any Child (even adopted child)
Kindly clarify in the light of above provisions?
04 July 2012
Child here means a child below 18.
VK Bajaj
contact@vkbajaj.co.in
VK Bajaj
contact@vkbajaj.co.in
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 July 2012
Mr. Bajaj
Please provide, any specific provision,
because from provisions, I understood that any child means whether major or minor.
because if law has not specified about child definition then how we can specify.
CA. Rajiv Bansal
carajivbansal@yahoo.com
Please provide, any specific provision,
because from provisions, I understood that any child means whether major or minor.
because if law has not specified about child definition then how we can specify.
CA. Rajiv Bansal
carajivbansal@yahoo.com
10 August 2024
Under the Income Tax Act, 1961, the deduction for contributions made to a Public Provident Fund (PPF) is covered under Section 80C. Here’s a detailed explanation to address your query about the eligibility of claiming a deduction for deposits made in the name of a married daughter:
### **1. Deduction Eligibility Under Section 80C**
**General Provision:**
- **Section 80C:** Allows a deduction for contributions made to specified savings instruments, including the PPF, up to a maximum limit of ₹1.5 lakhs per financial year.
- **Eligibility:** The deduction is available for contributions made by an individual to:
- Their own PPF account.
- The PPF account of their spouse.
- The PPF account of any child.
**Definition of "Any Child":**
- **Inclusivity:** The term "any child" in the context of Section 80C is indeed inclusive of all children, whether they are minors or majors, biological or adopted.
- **Major vs. Minor:** The Income Tax Act does not differentiate between major and minor children regarding the eligibility for deductions under Section 80C. Therefore, both minor and major children are covered under this provision.
### **2. Specific Case of a Married Daughter**
**Married Daughter:**
- **Eligibility for Deduction:** You can claim a deduction under Section 80C for contributions made to the PPF account of your married daughter. The term "any child" includes a married daughter, regardless of her marital status.
**Example:**
- If you contribute to your married daughter’s PPF account, you are entitled to claim the deduction under Section 80C, subject to the overall limit of ₹1.5 lakhs per annum.
### **3. Key Provisions**
**Relevant Sections:**
- **Section 80C(2)(v):** Specifies that the contribution to a PPF account qualifies for a deduction.
- **No Specific Exclusion:** There is no specific exclusion in the Income Tax Act for a married daughter regarding the eligibility for this deduction.
### **4. Summary**
- **Yes, you can claim a deduction for PPF contributions made in the name of your married daughter.** The provision applies to all children, including married daughters.
- **Ensure Compliance:** Ensure that the total amount of deductions claimed under Section 80C, including PPF contributions, does not exceed ₹1.5 lakhs in a financial year.
This interpretation aligns with the general understanding of the provisions under the Income Tax Act, 1961, and is consistent with tax regulations. However, it's always advisable to consult a tax professional or legal advisor for personalized advice and to confirm compliance with the latest legal interpretations and updates.
### **1. Deduction Eligibility Under Section 80C**
**General Provision:**
- **Section 80C:** Allows a deduction for contributions made to specified savings instruments, including the PPF, up to a maximum limit of ₹1.5 lakhs per financial year.
- **Eligibility:** The deduction is available for contributions made by an individual to:
- Their own PPF account.
- The PPF account of their spouse.
- The PPF account of any child.
**Definition of "Any Child":**
- **Inclusivity:** The term "any child" in the context of Section 80C is indeed inclusive of all children, whether they are minors or majors, biological or adopted.
- **Major vs. Minor:** The Income Tax Act does not differentiate between major and minor children regarding the eligibility for deductions under Section 80C. Therefore, both minor and major children are covered under this provision.
### **2. Specific Case of a Married Daughter**
**Married Daughter:**
- **Eligibility for Deduction:** You can claim a deduction under Section 80C for contributions made to the PPF account of your married daughter. The term "any child" includes a married daughter, regardless of her marital status.
**Example:**
- If you contribute to your married daughter’s PPF account, you are entitled to claim the deduction under Section 80C, subject to the overall limit of ₹1.5 lakhs per annum.
### **3. Key Provisions**
**Relevant Sections:**
- **Section 80C(2)(v):** Specifies that the contribution to a PPF account qualifies for a deduction.
- **No Specific Exclusion:** There is no specific exclusion in the Income Tax Act for a married daughter regarding the eligibility for this deduction.
### **4. Summary**
- **Yes, you can claim a deduction for PPF contributions made in the name of your married daughter.** The provision applies to all children, including married daughters.
- **Ensure Compliance:** Ensure that the total amount of deductions claimed under Section 80C, including PPF contributions, does not exceed ₹1.5 lakhs in a financial year.
This interpretation aligns with the general understanding of the provisions under the Income Tax Act, 1961, and is consistent with tax regulations. However, it's always advisable to consult a tax professional or legal advisor for personalized advice and to confirm compliance with the latest legal interpretations and updates.
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