Contribution to P P F a/c made by parent

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  1. Ankur Agrawal89

    Ankur Agrawal89 New Member

    Dear Sir,
    In my Public Provident Fund a/c, contribution has been made by my father & claim u/s 80 C has been claimed by him accordingly. Now the question arises :
    In the account books of my father the said amount shall be shown / reflected where ???
    How shall I pass entry in my account books at my end.
    Kindly clarify & suggest accordingly.
    Thanks & Regards
     
  2. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    Treat the above investment as gift given by your father and pass the following journal entries accordingly.

    In the books of your father : -
    Gift to Son A/c - Dr
    To Bank/Cash A/c
    Transfer Gift A/c to Capital a/c

    In your books :-
    PPF A/c - Dr
    To Gift from father.
     
  3. Ankur Agrawal89

    Ankur Agrawal89 New Member

    Thanks
    Is their any restriction limit of amount ? Upto what extent amount of gift would be permissible?
    Assistance awaited.
    Thanks & Regards
     
  4. sai tejesh(ca.final)

    sai tejesh(ca.final) Active Member

    There is no limit.
    Entire amount is exempt from tax.
     
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