Harsimran Singh (Student) (204 Points)
09 March 2011Hello everyone
I need clarification on a point which is that
If a HUF had a PPF account on the name of HUF (opened before May, 2005) and HUF made a deposit of Rs. 50000.00 in the same account from the its own interest income.
Is it eligible for deduction
Pankaj Arora
(Learner)
(3134 Points)
Replied 09 March 2011
if HUF opened PPF account by own HUF interest income than deduction will be available to HUF. If Huf members personal interest income invest in PPF account than only deduction will be available to those individual investor.
CA SHRIPAL LUNIYA
(CA, CS Final & M.Com)
(744 Points)
Replied 09 March 2011
Ya HUF can get deduction of PPF u/s 80C but i thing alwez keep in mind that which amount HUF deposit in PPF a/c it will be not from his own personal (individual) Account.
CAclubindia
