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I have invested in my wife’s PPF account. Can I claim tax benefits?

You can claim deduction from total income in respect of contributions to any PPF belonging to self, spouse or child

By OLM Desk

I have invested in my Public Provident Fund (PPF) account as well as my wife’s. Can I claim tax benefits for the amount paid for her?

Akshay Iyer, Hyderabad

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You can claim deduction from total income in respect of contributions to any PPF belonging to self, spouse or any child. But remember, this deduction is subject to an overall limit of Rs 1.5 lakh per financial year under Section 80C. Make sure that the limit to claim tax deduction under Section 80C, which includes other savings and investments, is also included when you are claiming the deduction towards contributions made in the PPF in your wife’s name.

 

olmdesk@outlookindia.com

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