09 March 2013
I have been investing regularly in PPF accounts of my kid (me as guardian) and my own. The total limit has exceeded 1 lakh p.a. The PPF account passbooks show interests earned in both the accounts.
Why do you state that there is limit of 1 lakh on combined PPF investment? Forget about tax deduction. Please ask ONLY about investment possibility.
15 April 2013
As per Income Tax Act there is a limit of Rs. 1,00,000/- which you can invest for exemption u/s 80C which includes various other deposits. The section reads as below 7980C. 80(1) In computing the total income of an assessee, being an individual or a Hindu undivided family, there shall be deducted, in accordance with and subject to the provisions of this section, the whole of the amount paid or deposited in the previous year, being the aggregate of the sums referred to in sub-section (2), as does not exceed one lakh rupees.
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