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

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Q: 61 (CAPF/2017)

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

question_subject: 

Economics

question_exam: 

CAPF

stats: 

0,9,26,13,8,9,5

keywords: 

{'sukanya samridhi scheme': [0, 0, 0, 1], 'income tax act': [0, 0, 0, 2], 'lakh': [2, 1, 2, 7], 'tax benefits': [0, 0, 0, 1], 'such accounts': [0, 0, 0, 1], 'account': [2, 0, 3, 3], 'interest': [1, 3, 3, 15], 'daughters name': [0, 0, 0, 1], 'age': [2, 1, 1, 2]}

The correct answer is option 3. This statement is not correct because the interest earned on the Sukanya Samriddhi Scheme is not exempted up to Rs. 1500 per annum. Instead, the interest earned on this scheme is completely tax-free.

Let`s dissect the other options mentioned:

Option 1 states that only parents of girls up to the age of 10 years can open such accounts in their daughter`s name. This statement is correct as per the rules of the Sukanya Samriddhi Scheme.

Option 2 states that contributions are eligible for tax benefits under Section 80C of the Income Tax Act. This statement is correct. Contributions made towards the Sukanya Samriddhi Scheme are eligible for a deduction under Section 80C of the Income Tax Act.

Option 4 states that a maximum of Rs. 1.5 lakh per annum can be invested in this account. This statement is correct as per the rules of the scheme. The maximum amount that can be invested in a Sukanya Samriddhi Account in a financial year is Rs. 1.5 lakh.

In summary, option 3 is the incorrect statement, and the correct answer is option 3.