Tax Benefits in Sukanya Samriddhi Account Yojana are Given below
- Tax Benefits are applicable under section 80C.
- The amount deposited towards Sukanya Samriddhi Account is deductible under section 80C of Income tax Act,1961 up to Rs.1.5 lakhs.
- Amount deposited in this account will be counted in overall limit of Rs. 1.50 Lakh under section 80C.
- Interest earned in this scheme as well as maturity amount is exempt from Income Tax.
How are tax benefits in SSA different than those of PPF?
While you invest in PPF, your deposits, interest and maturity amount are completely exempted from taxation under EEE. The same tax benefits would also apply to Sukanya Samriddhi Account. However the later deposit scheme is far better when it comes to securing the future of a girl child.
The way in which this entire scheme is designed gives a lot of financial security to the girl child, which is not in the case of any other investment schemes. This way, if a parent wants to save money, especially for a girl child, SSA proves to be a far better option.
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