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PPF DEPOSIT EXEMPTION

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39 Points Posted on 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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On 01 May 2021 at 20:14 Report
Replies (9)
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Practising CA
8954 Points Posted on 01 May 2021
Yes. Deduction can be claimed by husband.
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On 01 May 2021 at 21:24
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39 Points Posted on 01 May 2021
Thanks sir
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On 01 May 2021 at 21:47
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Chartered Accountant
24588 Points Posted on 01 May 2021
Deduction can be claimed by husband
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On 01 May 2021 at 21:53
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In Practice
1951 Points Posted on 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. 

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On 02 May 2021 at 10:25
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39 Points Posted on 02 May 2021
She is don't have liable to pay incom tax that's why husband wants to take exemption.
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On 02 May 2021 at 13:07
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Learner
2398 Points Posted on 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.
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On 02 May 2021 at 18:41
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39 Points Posted on 02 May 2021
What's exactly conculation, husband will take or have any objections ? rest other thinks are personally. I don't want to ask him.
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On 02 May 2021 at 20:23
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Learner
2398 Points Posted on 03 May 2021
Yes sharma ji, he is eligible for deduction.
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On 03 May 2021 at 10:41
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39 Points Posted on 03 May 2021
Thanks to all of you.
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On 03 May 2021 at 11:00


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