Public Provident Fund
This query is : Resolved
06 October 2008
Can a wife deposit 70K in husband's PPF A/c and claim 80C exemption. In the same year husband has deposited 70K in minor son's A/c and is claiming 80C exemption in his file.
Husband/s PPF A/c and minor son's PPF A/c is opened in different branches.
Minor son's income is being clubbed with father i.e. husband
Husband/s PPF A/c and minor son's PPF A/c is opened in different branches.
Minor son's income is being clubbed with father i.e. husband
06 October 2008
1) deduction is claimed by wife or Husband?
2) In the second case of minor yes.
2) In the second case of minor yes.
06 October 2008
Sir, both husband and wife are claiming exemption u/s 80C in their respective file
Wife doesnt have PPF A/c, so she deposited 70K - by cheque from her bank A/c in husband's PPF a/c and claimed deduction u/s 80C.
On the other hand, husband deposited 70K - by cheque from his A/c into his minor son's PPF A/c and claimed deduction u/s 80C.
Minor Child's income(nominal) is being clubbed with husband.
So in such a situation can both husband and wife claim deduction u/s 80c ?
I read somewhere that one cannnot deposit more than 70K in PPF A/c including the deposit made in minor son's PPF A/c
If above statetment is true..will it have any impact on above mentioned situation.
Wife doesnt have PPF A/c, so she deposited 70K - by cheque from her bank A/c in husband's PPF a/c and claimed deduction u/s 80C.
On the other hand, husband deposited 70K - by cheque from his A/c into his minor son's PPF A/c and claimed deduction u/s 80C.
Minor Child's income(nominal) is being clubbed with husband.
So in such a situation can both husband and wife claim deduction u/s 80c ?
I read somewhere that one cannnot deposit more than 70K in PPF A/c including the deposit made in minor son's PPF A/c
If above statetment is true..will it have any impact on above mentioned situation.
06 October 2008
1) wife can claim 80c deduction in her return in respect of her contribution to PPF account of her husband subject to a maximum of Rs 70000, but within the overall limit allowed by 80C.
2)Husband can make a simlar claim for duduction in respect of his contribution into the PPF account of his minor child.
2)Husband can make a simlar claim for duduction in respect of his contribution into the PPF account of his minor child.
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