contribution to PPF
This query is : Resolved
19 December 2007
In Public Provident Fund or PPF maximum contribution is 70000 for an individual on his own or in the behalf ofthe minor,
If the Minor has his/her own income by way of gift then can minor contribution to PPF be excluded from that of the individual or parents. can minor contribution be seperate from the parents 70000.
For.
Father A contibuting 70000 in his own name
Son B (minor)contributing 70000 recevied as gift to him .
If the Minor has his/her own income by way of gift then can minor contribution to PPF be excluded from that of the individual or parents. can minor contribution be seperate from the parents 70000.
For.
Father A contibuting 70000 in his own name
Son B (minor)contributing 70000 recevied as gift to him .
20 December 2007
Rule 3 of PPF Scheme 1968 permits an individual to subscribe on his own behalf or on behalf of a minor to the PPF. Therefore the contributions can be separate.
But when it comes to the income of the minor child, you have to keep in view the provisions of section 64(1A).
But when it comes to the income of the minor child, you have to keep in view the provisions of section 64(1A).
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