Relief u/s 80C (2) (iv) ,IT Act, 1961 in the name of a minor child under Public Provident Fund Scheme,1968. - Income Tax - 1016/CBDT

INSTRUCTION NO. 1016/CBDT Dated : October 5, 1976 Section(s) Referred: 80C Statute: Income - Tax Act, 1961 A question has been raised whether relief u/s 80C (2) (iv) of the Income-tax Act, 1961 is available in respect of deposits made by an assessee in the name of a minor child under the Public Provident Fund Scheme, 1968. 2. The Board is of view that deduction u/s 80C (2) (iv) is admissible in the case of an assessee subscribing to the Fund under this scheme either in his own behalf of or on behalf of a minor of whom he is guardian. The limit upto which the contribution to the Public Provident Fund Scheme together with contribution, if any, towards life insurance premium, provident fund etc., would be eligible for relief will, however, be as prescribed in section 80C (4).