Can father claim dedcution in 80c on deposit of amount in ppf account of major married son
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Section 80C(2)(v) of the Act provides that an amount paid or deposited not exceeding Rs 1,50,000, as contribution to any Provident Fund set up by the Centre in an account standing in the name of an individual, his wife or any child of an individual shall be allowed as deduction against the total income of an individual.
The word “child” has been judicially interpreted to include a major son and therefore, any deposit made by you in your major son’s Public Provident Fund account would be considered for the purpose of allowability of deduction under Section 80C
therefore father can claim deduction in 80C ....
Hope its useful..!!
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