10 June 2013
I currently hold a PPF account. I want to open two more accounts for my children who are minor at the moment. In a given financial year can I deposit a sum of Rs one Lakh each in my account, my son's account and my daughter's account? Is this acceptable from tax point of view? I understand that I will be depositing Rs three lakh in a given financial year, but will be eligible only for Rs one Lakh for tax exemption. PLEASE ANSWER STATING THE PROVISIONS OF THE PUBLIC PROVIDENT ACT, 1968. ALSO MENTION THE AMENDMENTS ALSO, IF ANY.
CAclubindia
