Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

Minor it file

Save Share

This query is : Resolved

Navin Daga (Querist)

07 December 2014 MY SON ( 16 YRS ) MINOR IS EARNING INCOME 2.5 LACS BY WAY OF HIS SKILL & TALENT OF SINGING
WILL HIS INCOME BE CLUBBED WITH ME ( HIS FATHER )
KEEPING THE ABOVE POINT IN MIND CAN HE ALSO OPEN A PPF ACCOUNT AS A MINOR UNDER MY GUARDIANSHIP ?

I ALREADY HAVE AN EXISITING PPF AC

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

07 December 2014 No. Clubbing Provision will not apply since income is earned from his own skills. His return will be filed separately.

Yes PPF account can be opened in your Son's name under your guardianship.

Message likes : 1 times

Navin Daga

Navin Daga (Querist)

09 December 2014 Sanjay ji , thx for your reply. I and my wife already have existing ppf accounts , still can i open a ppf account in my son's name under my guaridanship. So it will mean we will end up having 3 ppf aacounts in our family.Kindly advise

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now