You can claim the entire deduction of up to 1.5 lakh available under Section 80C by investing in PPF
15-Sep-2015 •Research Desk
I have deposited ₹51,000 in a Public Provident Fund account in my name, ₹51,000 in my minor daughter's name (Major - as Self) and another ₹48,000 deposited in daughter's (Minor) name in Sukanya A/c (Major as self in the A/c).
Can I claim the entire ₹1.5 lakh tax benefit available under 80 C? Investment in minor's account is ₹99,000 and in my name is ₹51,000.
- Pritesh Jain
Yes, you can claim the entire deduction of up to 1.5 lakh available under Section 80C of Income Tax. For PPF, the rule says that the subscriber can open account in the name of minors apart from his own account, but contributions are subject to the maximum investment limit.