Ppf limit increase

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Querist : Anonymous

Querist : Anonymous (Querist)

16 December 2011 Has the increase in limit of PPF form Rs.70,000 to Rs.1,00,000 have any effect on upper limit on Sec.80C ??
Earlier, could we not deposit more than Rs.70,000 or depoit beyond that limit wasnt exempted. Kindly answer

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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16 December 2011 80C LIMIT REMAINS SAME I.E. RS 1 LAC.

BUT YOU CAN DEPOSIT UPTO RS 1 LAC IN PPF ITSELF AND THE ENTIRE 1 LAC CAN BE AVAILED AS DEDUCTION U/S 80C.

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Querist : Anonymous

Querist : Anonymous (Querist)

17 December 2011 Thank You Sir,, Also, please tell me whether earlier,
the limit for deposit was 70,000 or claiming deduction was 70,000 ?? i.e., could we deposit more than Rs.70,000 earlier also ??

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 December 2011 No earlier the limit was Rs 70000/-. We could not deposit more than 70000/- earlier.

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)
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29 December 2011 earlier limit for deposit in PPF in one name was Rs. 70000/- however exemption can be claimed upto 100000/- if you had deposited PPF in the name of your spouse and children