Income Tax Benefit for Public Provident Fund contributions to Wife, Child…!Parizad Sirwalla, Partner (Tax), KPMG.jpg

by Ms. Parizad Sirwalla, Partner (Tax), KPMG

Under section 80C, effective from 2014-15 (FY15), an individual can claim deduction from total income in respect of contributions to any Public Provident Fund (PPF) belonging to self, husband, wife, any child, subject to an overall limit of Rs.1.5 lakh per Financial year (FY).

If you open a PPF account in your minor child’s name, the contributions made in it by you could be claimed as deduction under section 80C within the overall limit.

Ms. Parizad Sirwalla,
Partner (Tax), KPMG

The opening of the PPF account will be as per the Public Provident Fund Act, 1968. Accordingly, an individual can open a PPF account on behalf of minor subject to the overall limit specified.
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