Ppf account in name of minor
This query is : Resolved
27 November 2012
Hi,
I have PPF account for myself and i am depositing 1 Lakh in that account every year.
My question is, can i open another PPF account for my son which is minor and can i deposit amount say 30 thousand yearly in it ?
i understand that tax can be saved up to only 1 Lakh as per 80C but can i open PPF account for minor just for investment purpose ?
Regards
yogi
I have PPF account for myself and i am depositing 1 Lakh in that account every year.
My question is, can i open another PPF account for my son which is minor and can i deposit amount say 30 thousand yearly in it ?
i understand that tax can be saved up to only 1 Lakh as per 80C but can i open PPF account for minor just for investment purpose ?
Regards
yogi
28 November 2012
Yes PPF account can be opened in the name of a minor along with a guardian.
29 November 2012
Total investment of guardian father and minor exceeding Rs. 100000/-P.A.not allowed.
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