Can I show Wife PPF in 80C?
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Can I show Wife PPF in 80C?
PPF contributions You can claim income tax deduction for the contributions made to your own PPF account as well as the PPF account of any number of your child and your spouse. Though HUF cannot open a PPF account in its name, but it can claim deduction for contribution made to the PPF account of any of its members.
Can we deposit Rs 150000 /- each in self and spouse PPF account separately?
Under Section 80C of the Income Tax Act, an individual can get an exemption of up to Rs 1.5 Lakhs, for the PPF deposit. Note: The individual can deposit the money in the name of self, child, or spouse.
Premium on life insurance policy can be claimed as deduction under section 80C. In case of an individual, deduction is available in respect of policy taken in the name of taxpayer or his/her spouse or his/her children.
Can I open PPF account for my homemaker wife?
Only either father, mother or guardian (in case parents not alive), can open ONE account in the name of a minor. Hence, opening PPF account in Post Office with being you as guardian and opening another account in SBI bank with your wife as guardian on the same child is not allowed. You may open like this.
Does housewife need to file ITR?
If the total investment income from all sources exceeds Rs 2.5 lakh in a financial year, you will need to file your ITR. The exemption limit is Rs 3 lakh for homemakers above 60 years and below 80 years of age, and Rs 5 lakh for those above 80 years.
How many PPF accounts can a family have?
As per the Public Provident Fund (PPF) Scheme rules, an individual cannot have more than one account. However, many people still inadvertently end up opening more than one PPF account; they would have opened PPF accounts with two different banks or with a post office and a bank as well.
Is PPF included in 2.5 lakh limit?
Even though the limit of Rs 2.5 lakh in a year is applicable to PPF, it is irrelevant for all practical purposes as one is not allowed to invest more than Rs 1.5 lakh in a financial year. The changes in the taxation rules will not have an impact on the PPF interest rate.
Can I claim my wife as a dependent if she doesnt work?
You do not claim a spouse as a dependent. When you are married and living together, you can only file a tax return as either Married Filing Jointly or Married Filing Separately. You would want to file as MFJ even if one spouse has little or no income.
Can husband and wife open PPF account?
Opening a PPF account in the name of spouse is a better option. By, opening PPF account in the name of spouse, the investor will be able to double one’s investment limit from ₹1.5 lakh to ₹3 lakh and will enjoy income tax exemption on PPF interest earned and PPF maturity amount in both PPF account.”
How does a housewife file taxes?
Married Filing Jointly Odds are, if you’re a housewife, you’re married, and you should file taxes with your husband. Married couples receive a larger standard deduction and are taxed at a lower tax rate, which will significantly decrease your tax liability.