Ppf rebate
This query is : Resolved
atul kumar goel
(Querist)
02 March 2014
Sir, If PPF account is in the name of wife and she deposited in ppf account from her saving account , now her husband wants to claim rebate of that amount u/s 80c from his taxable income since wife does not have taxable income. It is allowable or not.
03 March 2014
Section 80C provides deduction for contribution to ANY provident fund.
It does NOT mandate that the PPF should be in the name of the individual himself.
So you can claim deduction for contribution in your wife's PPF account.
It does NOT mandate that the PPF should be in the name of the individual himself.
So you can claim deduction for contribution in your wife's PPF account.
atul kumar goel
(Querist)
03 March 2014
Thanks for reply. But my query is amount deposited by wife herself means ppf a/c in the name of wife and amount also deposited by wife but deduction taken by husband.
10 August 2024
Under the Income Tax Act, 1961, deductions for contributions to a Public Provident Fund (PPF) are governed by Section 80C. Here’s how the rules apply in the situation you described:
### **Claiming Deduction for PPF Contributions:**
1. **Deduction Eligibility:**
- **PPF Account Holder:** The deduction under Section 80C is available to the individual who is the account holder of the PPF account.
- **Contribution and Deduction:** The deduction is allowed only for contributions made by the account holder, or if the account holder is a minor, contributions made by the guardian.
2. **Wife’s PPF Account:**
- If the PPF account is in the name of the wife, and the deposits are made from her savings account, she is the legal account holder and is entitled to the deduction under Section 80C for the deposits made.
3. **Husband Claiming Deduction:**
- **Not Permissible:** Since the deduction is linked to the account holder, the husband cannot claim a deduction for contributions made to the wife’s PPF account. The deduction must be claimed by the account holder, which in this case is the wife.
- **Income Tax Act Provisions:** The Income Tax Act does not allow an individual to claim deductions for contributions made to an account held in the name of another person, even if the contributor is a family member.
### **Summary:**
- **Deduction Claim:** The wife, as the account holder, should claim the deduction for contributions made to her PPF account under Section 80C.
- **Husband’s Claim:** The husband cannot claim a deduction for contributions made to a PPF account in the name of his wife. The deduction must be claimed by the individual who is the account holder of the PPF account.
If you have further questions or require personalized advice, it might be helpful to consult with a tax professional or financial advisor.
### **Claiming Deduction for PPF Contributions:**
1. **Deduction Eligibility:**
- **PPF Account Holder:** The deduction under Section 80C is available to the individual who is the account holder of the PPF account.
- **Contribution and Deduction:** The deduction is allowed only for contributions made by the account holder, or if the account holder is a minor, contributions made by the guardian.
2. **Wife’s PPF Account:**
- If the PPF account is in the name of the wife, and the deposits are made from her savings account, she is the legal account holder and is entitled to the deduction under Section 80C for the deposits made.
3. **Husband Claiming Deduction:**
- **Not Permissible:** Since the deduction is linked to the account holder, the husband cannot claim a deduction for contributions made to the wife’s PPF account. The deduction must be claimed by the account holder, which in this case is the wife.
- **Income Tax Act Provisions:** The Income Tax Act does not allow an individual to claim deductions for contributions made to an account held in the name of another person, even if the contributor is a family member.
### **Summary:**
- **Deduction Claim:** The wife, as the account holder, should claim the deduction for contributions made to her PPF account under Section 80C.
- **Husband’s Claim:** The husband cannot claim a deduction for contributions made to a PPF account in the name of his wife. The deduction must be claimed by the individual who is the account holder of the PPF account.
If you have further questions or require personalized advice, it might be helpful to consult with a tax professional or financial advisor.
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