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Ppf payment by mother on behalf of her son (major) (Income Tax)

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This query is : Resolved

Author : Anonymous

( Author )
04 March 2013

Hello!!
I wanted to know, can PPF payment be made by Mother for her son who is major, is it allowed?>


CA Prashant Gupta

( Expert )
04 March 2013

yes, mother can pay PPF of son
in 80C you can pay for yourself, your spouse and your children (no matter they are major or minor)
So a mother can get benefit on deposit PPF for major son


@VaibhavJ

( Expert )
04 March 2013

Hi,

I have found different views, pl refer: http://www.caclubindia.com/experts/deduction-of-ppf-deposit-u-s-80-c-27501.asp

Thanks!!


@VaibhavJ

( Expert )
04 March 2013

Hi

Any resident Individual, above 18 years old can open only one account in his own name or any resident Individual can open additional account on behalf of minor of whom he is guardian can open account in this scheme.


So if you are depositing money in account of your Major Son then amount contributed will be considered as contribution by your son, if not then it is illegal.


Thanks!!


CA Prashant Gupta

( Expert )
05 March 2013

Dear Vaibhav
can you please show me this in Act
in 80C there is no problem with that. only children word is used. So they can be major or minor
no problem with that


@VaibhavJ

( Expert )
05 March 2013

Hi Prashant,

Agree with you, but under PPF rules you can not contribute for your major child, so it seems there is gap between two Act which need to be corrected by Income Tax Act.

Thanks!!


CA Prashant Gupta

( Expert )
05 March 2013

Dear Vaibhav
80C is in income tax not in PPF
so for exemption will be governed by income tax act.
in PPF it is mentioned that a major child will get his own account. anybody can deposit amount, there is no restriction on that.


@VaibhavJ

( Expert )
05 March 2013

Dear Prashant..

Pl read eligibility criterion mentioned: http://www.indiantaxupdates.com/2013/02/12/public-provident-fund-ppf-at-glance/

Thanks!!


CA Prashant Gupta

( Expert )
05 March 2013

Dear Vaibhav
please read my answer
I told in PPF it is mentioned that a major child will get his own account.
BUT
it is nowhere mentioned that father can't deposit amount in major son PPF account.
its mean cash don't have owner name on it. the amount is deposited in major son account will be controled by major son not by father.
so deposit is possible
and Q was for 80C.
which I cleared no prob in income tax for deduction


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