Maximum limit for PPF yearly amount ?

Hello,
I have understanding that as an individual I can put maximum 1 lakh in PPF for one single financial year.
It is ok for me if I am not getting tax benefit on amount which exceeds 1 lakh, but can I put more than 1 lakh (say 1.5 lakhs) in PPF in one single financial year ?
If it is possible to put more than 1 lakh in PPF account for single financial year, then please let me know is there any upper limit on this amount ?
Thanks ,
Yogesh



By Yogesh K on January 2, 2012 · Posted in

4 Comments | Post Comment

justgrowmymoney says:

Yogesh – The maximum limit whether you want to avail Tax benefits or not is Rs 1,00,000 (1 Lac) per individual. Again if you have an account in your minor kid’s name then the combined contribution in your account and your kid’s account(s) cannot exceed 1 Lac. Thus your upper limit is 1 Lac.

Spouse can separately contribute 1 Lac to PPF.

Posted on January 2nd, 2012

ashal jauhari says:

Dear Yogesh, If you are asking to invest 1.5L Rs. in your own account. No my dear friend you can’t invest more than 1L Rs. in a FY in your own PPF account.

Thanks

Ashal

Posted on January 2nd, 2012

Yogesh K says:

Hello,

I have my PPF account in post office & my wife have PPF account in SBI bank. Now my wife is not working and her PPF account was opened around 5 years back when she was doing a job. Both PPF accounts are active accounts.
I will be investing 1 lakhs per year in my PPF account. Whether my wife can invest 1 lakh per year in her PPF account (which will not be considered as my income)?.

- Yogesh

Posted on January 23rd, 2012

ashal jauhari says:

Dear Yogesh, You can invest 1L Rs. in each of the PPF accounts. Your wife’s PPF account ‘ll not be considered as your account. It ‘ll remain your wife’s account. Yes in case you want to show your wife’s account for 80C tax benefit under your name, you can do so within the over all available limit of 1L Rs.

Thanks

Ashal

Posted on January 23rd, 2012