Ppf deduction u/s. 80c

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 February 2012 Dear sir/Madam,

my Query is that I want investment in ppf a/c. of Rs.70000/- in part of 50% investment in my Child Name (Minor) & 50% My Name & All Payment of PPF paid in my income. All investment Deduction in my Return. If Yes, Please give Advise in Detail.

Thanks Sir/Madam,
In Advance

Krishna Mohan

Krishna Mohan (Expert)
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29 February 2012 PPF contribution deposited by an individual in his own account or in the account of his/her spouse or in the account of any child is eligible U/s 80C subject to maximum of Rs.70,000 p.a. So, you can claim entire 70,000 deduction in your IT return.

Mihir Doshi

Mihir Doshi (Expert)
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29 February 2012 If i am not wrong then the limit is now increased to INR 100,000/-.
Plz clarify if i m wrong..

Thanks
Mihir Doshi

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Krishna Mohan

Krishna Mohan (Expert)
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29 February 2012 All limits increased to Rs.1 lacs except PPF which is still Rs.70,000. There is a proposal to increase this to Rs.1 lacs in the coming budget. Lets see.

Mihir Doshi

Mihir Doshi (Expert)
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29 February 2012 Thanks....

CA. Hari Kishan

CA. Hari Kishan (Expert)
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29 February 2012 Mr Krishna Mohan

The PPF limit is already enhanced from 25.11.2011 from 70000 to 100000.

Please follow the link for the notification in this regard. Mr.Mihir is correct.

http://taxguru.in/finance/ppf-investment-limit-increased-1-lakh-1122011-interest-loan-ppf-cost-2-percent-extra.html

CA. Hari Kishan

CA. Hari Kishan (Expert)
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29 February 2012 Mr.Mihir

You are correct as the to enhancement of limit of PPF to Rs.1 lakh incase of PPF account.

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Krishna Mohan

Krishna Mohan (Expert)
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01 March 2012 Hari Kishan, thanx for the information.

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