Sudheer J. Sarvate (SERVICE) (116 Points)
16 March 2009Sir,
I have one PPF a/c in my own name. Today I have opened one PPF a/c in my son's name who is minor (09 years old).
If before 31st March 2009, I deposited Rs. 10000/= In my own PPF A/c & also Rs. 10000/= in my sons PPF a/c then, can I claim dedction of Rs. 20000/= us/ 80C. in the financial year 2008-09.?
Please advice.
Sudheer
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 16 March 2009
Amount deposited by the assessee in his own account, in the account of his wife as well as in the account of his child all are deductible u/.s 80C.....but the aggregate deduction for the payment to all the accounts shall be deductible upto Rs.70000/- only...........
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 16 March 2009
Amount deposited by the assessee in his own account, in the account of his wife as well as in the account of his child all are deductible u/.s 80C.....but the aggregate deduction for the payment to all the accounts shall be deductible upto Rs.70000/- only...........
CAclubindia
