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Tax benefits of APY 80CCD (1) or Section 80CCD (1B)
Should the tax benefits of APY be availed under Section 80CCD (1) or Section 80CCD (1B)? Can I claim them on contributions made in my wife's name, just like LIC premiums?
Replies (1)
Income tax benefit under APY ....
These contributions can be claimed under Section 80CCD (1B). As of 2018, the limit for income tax deduction Section 80CCD (1B) is Rs 50,000. This is over and above the Rs 1.5 lakh allowed under Section 80C
You can not claim contributions in your wife's name. But your wife can claim deduction.
These contributions can be claimed under Section 80CCD (1B). As of 2018, the limit for income tax deduction Section 80CCD (1B) is Rs 50,000. This is over and above the Rs 1.5 lakh allowed under Section 80C
You can not claim contributions in your wife's name. But your wife can claim deduction.
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