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PPF DEPOSIT EXEMPTION

01 May 2021

dear Sir, I want to know that if husband deposit 150000 in wife's PPF Account than husband.will.claim exemption under section 80-c ? PPF account opened in the name of Wife's and she had deposited amount last 6 years by own income, she is also.a.working woman.

Husband wants to deposit 150000 annually and take 80-c exemption from.income tax.

thanks & regards
D.K. Sharma

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9 Replies

CA Raj Doshi (Practising CA) (8689 Points)
Replied 01 May 2021

Yes. Deduction can be claimed by husband.

D.K. Sharma (39 Points)
Replied 01 May 2021

Thanks sir

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 01 May 2021

Deduction can be claimed by husband

CA PARTH SHAH (In Practice) (1951 Points)
Replied 02 May 2021

Why does husband want to claim PPF deduction by depositing in wife PPF account?.

As you said that wife is also working, she should contribute to her own PPF and take deduction.

D.K. Sharma (39 Points)
Replied 02 May 2021

She is don't have liable to pay incom tax that's why husband wants to take exemption.

Sivaramaraju G (Learner) (2398 Points)
Replied 02 May 2021

Yes, husband can claim if deposited out of his income. as you are saying husband wants to take deduction benefit he can also open account on his name(just saying). there may be other reasons due to which account will be opened on wife's name.