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PPF DEPOSIT EXEMPTION

290 views 9 replies

D.K. Sharma

39 Points Joined September 2020

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

Replies (9)

CA Raj Doshi

Practising CA

8944 Points Joined December 2013

Yes. Deduction can be claimed by husband.

D.K. Sharma

39 Points Joined September 2020

Thanks sir

CA. Sourav Sarkar

Chartered Accountant

24588 Points Joined November 2019

Deduction can be claimed by husband

CA PARTH SHAH

In Practice

1951 Points Joined December 2009

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.

D.K. Sharma

39 Points Joined September 2020

She is don't have liable to pay incom tax that's why husband wants to take exemption.

Sivaramaraju G

Learner

2398 Points Joined May 2019

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.