Tax benefit under ppf

ITR 168 views 6 replies

Age: 32

Gender: Female

 

Question 1:

Who can claim tax benefit under ppf...is it the person/ myself in whose name (daughter) the ppf account is opened or the parent who deposits amount in the account. 

Question 2:

If the parent and daughter both deposit certain amounts in the daughter's Ppf account, can both claim tax benefit for respective amounts deposited? In the same scenario, can either of them claim the entire benefit?

Replies (6)
Only the person actually depositing the amount gets section 80C benefit

This means if your spouse deposits any amount into your PPF account, you will not be able to claim the deduction benefits under section 80C. Infact, your spouse will be able to (rightfully)claim section 80C deductions on his/her income.
Thanks for the early response...I have another query: If I and my father both deposit into my ppf account, can we both claim tax benefit for the respective amounts or only one person will be able to do so
since you are not a minor your father will not enjoy the benefits of depositing ppf amount only you can avail the deduction under section 80C and that too of amount you actually deposited..

Hi Nidhi, Yes both can claim as per the limits set under section so if you both do 75K each, both can claim as you both deposited and have a receipt.

Mr Udgam can you show me the law where u read that parents can pay for major child ppf amount
Thanks for your valuable time.


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