PPF Deduction

[Bhumin]

Dear All,

I have query regarding PPF Deduction.

Father had deposited cheque into his daughter PPF A/c who is not minor.

Deduction u/s 80C available to whom Father Or daughter ?
If entire transaction shown as gift to daughter then what is effect on tax liability of both of them?
& if shown as gift then is it taxable gift for daughter?

IS your answer diffrent if this transaction shown as Loan to daughter?

Thanks in advance.

[satyanveshi]

the daughter will get deduction in all circumstances because the amount is deposited in her account. The rebate u/s 88 will be allowed only when the amount is flown from the taxable income of the assessee once upon a time. As per my knowledge, this restriction has been done away with and therefore, in all circumstances the daughter will get deduction envisaged u/s 80C

[Bhumin]

In the same case,

Father wants to claim deduction u/s 80C Instead of daughter .
Can he claim said deduction u/s 80C ?

[Nilesh Kariya]

Dear Bhumin,

As per my view on this query, Both father and Daughter can claim deduction u/s 80C . In Income tax act nowhere mention about who can avail PPF Deduction.

Please correct me if i am wrong.

Thanks

[sai prasad]

admittedly  the ppf amount was deposited by father. As per sec.80C(4)(a)(i),father gets deduction u/s.80C. The daughter didnot make deposit, on her own, hence she canot get deduction. Making a gift also doesnot amount to as deposit made by  daguhter.

with regards
c.sai prasad

[subodh]

i fully agree with sai prasad.
moreover, how can a minor claim exemption? whos income is assessible in the hands of parents.