Can we deposit Rs 1.5 lakh each in PPF?

My son is 22 years old. He has opened a Public Provident Fund (PPF) account. I too have a PPF account. Can we deposit ₹1.5 lakh each in our accounts?
- Santanu

Yes, both of you can deposit ₹1.5 lakh each in your Public Provident Fund accounts. But does your son have any income? Does he file Income Tax returns? If no, he can't claim a tax deduction on his investment under Section 80C of the Income Tax Act. You can claim a tax deduction of only up to ₹1.5 lakh you have deposited in your account. You won't be able to claim a deduction on your son's contribution to PPF.

This article was originally published on February 17, 2016.