Ppf account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2013 Dear Team
I have opened a PPF account in my wife name in state bank of india of monthly deducation of Rs 2000/-, is a housewife. I want to tax benefit of ppf amount of my wifes yearly contribution is Rs 24000/- per annum. can is possible to tax benefit of PPF aacount is wife name in 80 c.
kindly clarify the same

Ganeshbabu K

Ganeshbabu K (Expert)
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24 October 2013 Yes, you can take deduction for 24000 under section 80C

Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2013 IS THERE ANY CIRCULAR FOR TX BENEFIT FOR PPF ACCOUNT IN WIFE NAME AND HUSBAND WILL GET THE TAX BENEFIT IN UNDER 80 C.
KINCLY PROVIDE ME SAME IF POSSIBLE

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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24 October 2013 Under Section 80C of the Income tax Act, an individual is eligible to claim deduction from total income in respect of contributions to any PPF (belonging to self, husband, wife, any child) subject to an overall limit of Rs 1,00,000 for a Financial Year (FY).

Ganeshbabu K

Ganeshbabu K (Expert)
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24 October 2013 Refer quoted section in income tax bare act