Interest on PPF is exempt . nd contribution to ppf is eligible for deduction u/s 80c
Dharmesh k. Dubey
(Student)
(188 Points)
Replied 19 September 2009
Interest on PPF is exempt . nd contribution to ppf is eligible for deduction u/s 80c
Dharmesh k. Dubey
(Student)
(188 Points)
Replied 19 September 2009
Interest on PPF is exempt , nd Contributiion to PPF is eligible for deduction u/s 80c.
PRAVEEN KUMAR
(MBA (Finance) B.Com.(P))
(3443 Points)
Replied 21 September 2009
yes interest on ppf is exempt income, do not include in 80c deduction, just show in exempt income column in return.
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 23 September 2009
its exempt
CA Simarpreet Singh Gulati
(Chartered Accountant)
(530 Points)
Replied 11 February 2010
If the amount is invested by an individual in PPF account of his son, in whose Income Tax return should the exempt interest on PPF be shown? In the individual's name or in the name of his son? What if the son is a minor?
CA Simarpreet Singh Gulati
(Chartered Accountant)
(530 Points)
Replied 11 February 2010
If the amount is invested by an individual in PPF account of his son, in whose Income Tax return should the exempt interest on PPF be shown? In the individual's name or in the name of his son? What if the son is a minor?
Amir
(Learner)
(4016 Points)
Replied 11 February 2010
Dear Simarreet,
In case of Minor the provision of clubbing will apply & interest has to be shown in the Return of the parent...
But in case of Major child - then interest will be shown in the return of the child.......
Sunil
(CA in Practice)
(94 Points)
Replied 14 July 2012
PPF interest re-invested in PPF can't be claimed u/s. 80C for the following reason / PRINCIPLE OF DEDUCTION:
You can claim that amount of income as DEDCUTION which is / was included in your TOTAL INCOME. Since PPF Interest is exempt, it doesn't form part of Total Income and hence can't be considered for Deduction u/s 80C. In case, this would have been taxable like NSC Interest then that can be included for claiming deduction u/s. 80C.
Hope this clarifies the query. If I am wrong, kindly feel free to correct.
Regards
CA Sunil D
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)
CAclubindia
