My wife took a break from her job last year. I paid for both our PPF contribution. Can I claim tax benefits for the amount paid on both the contributions?
Ravi Pipalia, Jaipur
Your situation is understandable. However, when it comes to income tax on contributions under tax saving instruments by spouse and parents the rule is clear – you can claim deduction from total income in respect of contributions to any PPF belonging to self, spouse or any child, but the same will be subject to an overall limit of Rs 1.5 lakh per financial year. Accordingly, you can claim deduction in respect of contributions made by you for both you and your wife’s account, subject to an overall limit of Rs 1.5 lakh in the last financial year under Section 80C.