Ppf deduction

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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?

V K Bajaj

V K Bajaj (Expert)
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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.

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?

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V K Bajaj

V K Bajaj (Expert)
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04 July 2012 Child here means a child below 18.

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