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PPF A/C for my family members

RAKESH JAIN (RETIRED COMPUTER PROFESSIONAL) (369 Points)

10 April 2011

I want to know rules regarding opening PPF account for family members. Can I open separate PPF A/C for each of my family members & deposit Rs. 70000/- every year in each of these PPF accounts? Is there an official website on which I can read details on PPF? If yes, kindly send me the URL. Thanks, RAKESH

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10 Replies

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 10 April 2011

you can open ppf account for yourself family members can open ppf account for them guardian can open ppf account for minor children ceiling for each member is 70000 per year

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 21 April 2011

youir hidden agenda behind the query is to distribute the unaccounted money in such a way that govt can not find the way to claim incometax, but here you are wrong............

all such persons would have to have pan card to open PPF and in due course if its found that they are not financially solvant to deposit the PPF 70000/- then entire amounts would get clubbed in your hands,

mere deposit in name of family members would not byepass the provisions of incometax.

when PPF is EET now with 8% interest, why not ppl would go for 9.5% interest on bak FD, for 5 years term which is also deductible under 80C and have better interest rate,

sorry for my straight forward reply .........................

RAKESH JAIN (RETIRED COMPUTER PROFESSIONAL) (369 Points)
Replied 22 April 2011

Sorry to say that you feel everybody is like you. When did I mention that I do not have PAN card & also will soon have PAN card for the son of my son. If my reply helps in rectifying mistake in your thinking then now you can reply my E-mail in more straight forward manner if you want. Thanks, RAKESH

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 22 April 2011

did i mentioned any pan card issue?

i had replied straight way that everybody can open a PPF account in OWN name, and guardian can open PPF account in minor name.

oe can not open account in name of other person, execpt his minor children,

anyway, if u feel there may be any other type of reply which may satisfy you, then carry on, i have read the form that u mentioned .........." did not got reply"

best of luck for your investments.

A.K.Agrawal (Investments & Finance) (132 Points)
Replied 22 April 2011

On one hand I salute Mr.U S Sharma for his treasure of knowledge & contribution to this club; on the other I shall request him pl. be cautious before putting any allegation. Mr. Rakesh Jain seems to be a senior citizen being a grandfather, I too, entitled for due regards.

Every Indian is a patriot & wishes to contribute to the nation. I.Tax exemptions are enhancing but not our income in the same ratio. So my contribution to the nation is decreasing, I regret.

Another regret is that this tax collection is diverted to personal benefits rather to the nation at the top level.

Regards for both of you. AKA

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 22 April 2011

@ A K Agrawal

sorry i lose my mind while posting as the person mentioned in next post that he did not got any reply to his previous post, when i posted on very same day of his query, while all cci members try to resolve the query at their best level in shortest possible time, subject to their convenience.

after posting the reply on this post and reading his next post on forum, i posted what i realized on the issue, for his seniority only i made a note of sorry.

PPL on forum post the same query repeated times just to get an answer of their own mindset, dozens of illustrations i have, and keep posting on the faith that rules will get changed as per their mindset, in between some ignorent person post as per their own mindset, and they get trapped on way to rules,

Harsh language used here is not to hurt anybody personally, but to make them beware of the departmental proceedings and alert on way not to twist with the rules, there are several ways for tax management, without evading, so why twist with rules?

discussions on forum must be in cheerful and pleasent atmosphere, we belive .......

Thanks for your attention to the issue.

RAKESH JAIN (RETIRED COMPUTER PROFESSIONAL) (369 Points)
Replied 23 April 2011

How can any body not get hurt if you use harsh language?

U S Sharma (glidor@gmail.com) (21056 Points)
Replied 24 April 2011

Originally posted by : RAKESH JAIN
	I want to know rules regarding opening PPF account for family members. Can I open separate PPF A/C for each of my family members & deposit70000/- every year in each of these PPF accounts? Is there an official website on which I can read details on PPF? If yes, kindly send me the URL. Thanks, RAKESH