Can I avail tax benefit on Atal Pension Yojana contributions for spouse? | Value Research The tax benefit under section 80CCD (1B) can only be availed on contributions made in your own name

MFI Feb issue is out! Cover Story: Top investment lessons to make wise decisions in 2023

Read full edition Read full edition right-arrow
Ask Value Research

Can I avail tax benefit on Atal Pension Yojana contributions for spouse?

The tax benefit under section 80CCD (1B) can only be availed on contributions made in your own name

can-i-avail-tax-benefit-on-atal-pension-yojana-contributions-for-spouse

Should the tax benefits of APY be availed under Section 80CCD (1) or Section 80CCD (1B)? Can I claim them on contributions made in my wife's name, just like LIC premiums?
- Manoj Aryabhumi

Contributions to Atal Pension Yojana (APY) are eligible for the same tax benefits as the NPS. This means that the contributions can be claimed under Section 80CCD (1B). The current limit for Section 80CCD (1B) is Rs 50,000, over and above the Rs 1.5 lakh limit under Section 80C. Section 80 CCD (1) is a different one, meant to cover employers' contribution towards NPS.

You cannot get tax benefit by investing in the name of your spouse under Section 80 CCD.

Have a different question in mind? Ask us


Other Categories