PPF Contribution for Child account, is it valid for 80C ?

POSTED BY agarwal ON February 24, 2014 1:18 pm COMMENTS (2)

Sir

If my contribution to PPF a/c is 50k and another 50K is towards lic/school fees etc for 80c benefits. However 50k has been invested in my childs ppf account is the same valid.

2 replies on this article “PPF Contribution for Child account, is it valid for 80C ?”

  1. ashalanshu says:
    February 24, 2014 at 10:20 pm

    Dear agarwal, you can invest that 50K in your kid’s PPF account as it’s within 1L R.s limit but your section 80C limit is nalready over hence no tax benefit under section 80C for kid’s PPF account.

    Thanks

    Ashal

    Reply
  2. Raja says:
    February 24, 2014 at 5:29 pm

    Total of 1L is exempted under 80C which includes PPF (parent + child). PPF investment in parent + child account cannot exceed 1L in total. Hope that answers. Refer to Manish’s article on PPF for minors on the main page.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.