2nd ppf account in minors name
This query is : Resolved
U K Prabhu
(Querist)
03 January 2017
I am an IT assessee. I am having a PPF account contributing full eligible amount of Rs.150000/- per year. My minor son is not having any income of his own. Please let me know whether I can open another account in his name and contribute to his account (In addition/apart to my account). If so, how I have to report this in my IT Return.
Amol S Joglekar
(Expert)
03 January 2017
As per PPF rules, you can NOT deposit more than 1.5,
But in reality, people do open 2 accounts and deposit 1.5 each and claim only 1.5 for 80C
But in reality, people do open 2 accounts and deposit 1.5 each and claim only 1.5 for 80C
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