Which one of the following statements about the Sukanya Samridhi Schem

Which one of the following statements about the Sukanya Samridhi Scheme is NOT correct ?

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Only parents of girls up to the age of 10 years can open such accounts in their daughters name

Contributions are eligible for tax benefits under Section 80C of the Income Tax Act

Interest earned thereon is exempted up to Rs. 1500 per annum

A maximum of Rs. 1.50 lakh per annum can be invested in this account

Answer is Right!

Answer is Wrong!

This question was previously asked in

UPSC CAPF – 2017

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The statement that is NOT correct about the Sukanya Samridhi Scheme is that interest earned thereon is exempted up to Rs. 1500 per annum.

The interest earned on the deposits made under the Sukanya Samridhi Scheme is fully exempt from income tax under Section 10(11A) of the Income Tax Act, 1961. There is no limit of Rs. 1500 on the exemption.

The other statements are correct. The account can be opened by parents or legal guardians of a girl child up to the age of 10 years. Contributions are eligible for tax benefits under Section 80C. The maximum amount that can be invested in a financial year is Rs. 1.5 lakh. The scheme aims to encourage savings for the education and marriage expenses of a girl child.

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