I have been contributing to PPF account on the name of my wife and was availing tax deduction. An account on the name of my wife was opened during 1990 & was extended every 5 years after completion of first 15 years. She is a housewife. Now my question is that the amount I receive by closing her PPF account will be considered as a capital of mine OR my wife? Can she further invest this money on her own name OR i will have to take that amount in my name?
Ameet Patel Ameet N Patel is a chartered accountant and former President of Bombay Chartered Accountants Society - BCAS
Subodh V Shah CA Subodh V Shah is a Fellow Member of the ICAI. A merit ranker throughout his career, he stood 3rd in CA Intermediate and 17th in CA Final. In addition he also got the prize of ICAI for scoring the highest marks in Direct Taxes at CA Final. He is practicing Chartered Accountant as well as a teacher for over 20 years.
Ameya Kunte Ameya Kunte is a Tax Professional, Chartered Accountant & Co-founder - Taxsutra.com
Nikhil Vadia CISA qualified Nikhil Vadia is a Chartered Accountant in practice since 1997
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on financial and tax related issues
Debashis Basu Debashis Basu is the co-founder of Moneylife, a CA by qualification with three decades of experience as a journalist and author of several books