Express Money: Ask Us

I am a senior citizen aged 74 years. My wife and I are taking full benefit of Sec 80C of the Income Tax Act in our respective individual IT file by way of PPF. I want to deposit some extra amount in my minor grandson’s PPF a/c. I don’t want to claim any IT benefit for this transaction. At present my grandson’s IT file is clubbed with my son’s IT file. My son also don’t want to claim any benefit as he is already availing benefit under Sec 80C.

— CLBiyani, New Delhi

My question is, why don’t you want to claim tax benefit if you still can. If it exceeds your limit, then it would only be an investment without tax benefits in this particular financial year.

—Advice by Adhil Shetty,CEO, Bankbazaar