Dixit (CA Final) (2405 Points)
04 December 2010Mr. X has paid in his P.P.F account in post office Rs.70000.00 and also paid Rs.35000.00 in his minor child P.P.F. account in IDBI bank in same financial year.
Q-1 How much deduction can he take from P.P.F. from gross total income?
Q-2 What is the maximum limit for Mr. X for himself and his minor son in P.P.F?
M .K. Jha
(CA Final)
(484 Points)
Replied 04 December 2010
Deduction should allowable only for 70,000 for IND (i.e. Mr. X) only.....
Cause any investment of parents on behalf of minor should included in the IND or Spouse which income is higher...
Sunshine
(Helping All)
(10575 Points)
Replied 04 December 2010
deduction cannot exceed rs 1 lakh for total amount under section 80 C,80 CCC and 80 CCD....so it will be 1lakh..
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 04 December 2010
both are allowed , 1 lacs ceiling for 80C, and 70000 for any single account
CAclubindia
