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Deduction of PPF

CA Mukul Mittal (CA in practice) (384 Points)

03 October 2011

hi frndz,

can anybody tell me whether the assessee being an indl. or HUF is allowed to get deduction u/s 80C of the amount deposited in PPF of minor son / daughter.......

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CS RAJESH C.CHOUDHARY (ASSISTANT MANAGER) (14607 Points)
Replied 03 October 2011

HI mukul,

Yes Contribution to PUBLIC PROVIDENT FUND (PPF) shall be made in his name, spouce or child is eligibile for deduction u/s 80C.

If it was made in the name of his MOTHER OR FATHER than he or she will not be eligible for the same deduction u/s 80C .

All the Best

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V Chandrasekaran (Chartered Accountant) (256 Points)
Replied 03 October 2011

Yes. Deduction is allowed for amount deposited in PPF A/c

In case of HUF, amount deposited in the name of any member of HUF will be allowed as deduction

CA Prakash Rai (CA) (129 Points)
Replied 03 October 2011

Yes Mukul, the deduction for amount deposited in PPF (according to the Income Tax Act) can be taken even if the money was deposited for spouse or child. However according to The PF Act one can deposit only for himself or his/her dependent children. Eitherways, the answer to your query is that deduction is allowed.

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 03 October 2011

Originally posted by : CA Mukul Mittal
	hi frndz, can anybody tell me whether the assessee being an indl. or HUF is allowed to get deduction u/s 80C of the amount deposited in PPF of minor son / daughter.......

for individual - deduction available for payment for ppf of self / spouse/ minor children ( maximum celing 70000 per individual / 1 lacs for total under sec 80C

for HUF - PPF contribution in name of HUF, or any member of HUF is allowed ( cheque transaction preferred )