A person can invest max 70K in his own PPF account, including that of minors. But he can also invest another 70K in the name of his wife. Exemption is given to the actual person investing in PPF, hence the wife cannot clam 80C benefit on the PPF contribution in her account by the husband.
My question is can the husband claim 80C the benefit on investment made into his wifes PPF account in addition to his personal PPF account. In this case the total contribution becomes 140k, which entirely covers 100k sec 80C limit.
I could not find any mention in the 80C section which says the benefit is restricted to 70K on PPF investments. 70K is a PPF internal limit.
So is it possible to max out 1lakh 80C limit by investing in the spouses' PPF account? If not can someone point to the exact place where the tax law says the PPF 80C benefit is 70K only.
CAclubindia
