1) A friend deposited a sum of Rs 1,50,000/- into my PPF account\.
(The Rs 150,000/- was subsequently returned to my friend)
2) will I be eligible for u/s 80C deduction?
Please help!
Gopal Mirchandani
Gopal Mirchandani (Retired) (110 Points)
08 July 20191) A friend deposited a sum of Rs 1,50,000/- into my PPF account\.
(The Rs 150,000/- was subsequently returned to my friend)
2) will I be eligible for u/s 80C deduction?
Please help!
Gopal Mirchandani
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177896 Points)
Replied 09 July 2019
If you have repaid the amount by any banking channel (by treating the same as temporary loan); you will be allowed for 80C deductions.
Otherwise it will be treated as gift, which will attract tax liability.
Kapadia Pravin
(17259 Points)
Replied 13 November 2019