Public Provident Fund (PPF) India Taxation Rules



Under Section 80C of the Income tax Act, an individual is eligible to claim deduction from total income in respect of contributions to any PPF (belonging to self, husband, wife, any child) subject to an overall limit of Rs 1,00,000 for a Financial Year (FY).



Hence, the deduction could be claimed in respect of contributions made in his own PPF account or in the account of spouse or any child.
 
E.g., A wife can invest Rs.50,000 in her PPF account, 30,000 in her husband PPF account and Rs.20,000 in her son PPF account to claim deduction. The overall investment should not exceed Rs.1,00,000.

If the same PF account exists for 4 year and above, and later if you withdraw the same, then the PF amount is not taxable. If you are withdrawing the PF amount before 4 years, then its taxable based on your annual taxable income. 



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This is the unofficial website of Indian Post office schemes which shows official schemes of Indian Post Office e.g., Public Provident Fund (PPF), RD, MIS, Kisan Vikas Patra, NSC, Time Deposits, Savings account, Senior Citizens Savings Scheme etc.

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