RAJ KUMAR (FINANCE MANAGER) (1393 Points)
17 February 2011HELLO FRIENDS, CAN ANYBODY TELL ME IF PPF ACCOUNT IS OPENED BY THE FATHER ON HIS MINOR SONS NAME
AND THERE IS PPF ACCOUNT OF FATHER ALSO.
CAN FATHER CLAIM THE DEDUCTION OF CONTRIBUTION TO THE BOTH ACCOUNTS UPTO RS. 1,00,000.
WHAT HAPPENS IF THE SON IS MAJOR SON.
PLS. REPLY ME.
Pankaj Arora
(Learner)
(3134 Points)
Replied 17 February 2011
No he can not take deduction of minors account in their ITR.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 17 February 2011
upto the age of 18, father paid PPF and claimed in 80C, it would go as gift to son ...........claim admitted
after age of 18 . ppf will go in hands of son, father wil detatch that part from his balance sheet.
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 18 February 2011
FATHER DEPOSITED RS. 70,000 IN ACCOUNT OF MINOR AND RS. 70,000 IN HIS ACCOUNT BUT DEDUCTION LIMITS TORS. 1,00,000
NOW THE BALANCE RS. 40,000 ON BEHALF OF MINOR CAN IT BE CLAIMED BY HIS MOTHER IF SHE IS ALSO AN INCOME TAX ASSESSEE.
CAclubindia
