Prahlad Pachisia (Proprietor) (54 Points)
19 January 2012Hi!
U/s 80C where deduction limit is 1,00,000.00
Assessee has limit of 70000 for PPF u/s 80c for deduction. He has deposited the amount in his PPF Account.
In case the assessee also deposit 70000 on account of minor being a guardian whether both the amount (his & minors) will be allowed as deduction or only the guardian portion will be allowed.
Kindly throw some suggestion
Ravikant
(Accountax)
(6285 Points)
Replied 19 January 2012
BOTH WILL BE ALLOWED, RESTRICTED TO RS.100000/-
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 19 January 2012
| Originally posted by : Prahlad Pachisia | ||
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Hi! U/s 80C where deduction limit is 1,00,000.00 Assessee has limit of 70000 for PPF u/s 80c for deduction. He has deposited the amount in his PPF Account. In case the assessee also deposit 70000 on account of minor being a guardian whether both the amount (his & minors) will be allowed as deduction or only the guardian portion will be allowed. Kindly throw some suggestion |
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if banker has accepted the same without any query, then it can be claimed subject to ceiling of 1 Lacs, but as the PPF of minor is opened on the strength of PAN of guardian only, depositing bank may refuse to accept the contribution in excess of 70000, ( now revised limit is 1 lacs)
swathi
(Accounts Officer)
(349 Points)
Replied 20 January 2012
Both will accpected but chapter VI A deductions restricted to Rs.100000/-
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