contribution to minor's ppf account by father and mother of the minor would be eligible for deduction of 80c of the guardian or not
please explain only if u have clear ideas and expalin in details
4 Replies
manish kumar
(C.A)
(99 Points)
Replied 22 August 2009
Dear piyush,
Assessee can get deduction of Rs 70000 P.A if he has deposited amount in PPF in name of following person:
1. Himself
2. Spouse
3. Child (minor or major).
The person who is willing to take deduction of PPF deposit amount in name of minor, who should be guardian at time of deposit money and taking decution under s*xtion 80C.
Manish
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 22 August 2009
The father and the mother both can take the benifit of such deposite for the respective amount contributed by them in their returns.......
K.K. Soni
(Article)
(36 Points)
Replied 29 August 2009
As Per Sec-80C of I.T Act :-
An Assesee can claim deduction for Rs. 70,000/- on account of PPF paid for :-
Himself
Minor Child
Spouse
NILESH B WAGHELA
(Accounts Manager)
(48 Points)
Replied 30 August 2009
Yes I agree with Manish Kumar's Answer, Any Assessee can get deduction of Rs 70000 P.A if he has deposited amount in PPF for his/her family.
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