PPF Accounts

Save Share

This query is : Resolved

PARDEEP SINGH (Querist)

30 December 2009 My query is .

I have created a HUF firm and i have openend a PPF accounts with the name of their co partner. Now can i get the deduction u/s 80-C in HUF Return and in their co partner return.

What will be better for me for opening PPF account "SBI" or POst office

Please reply me soon.

Thanks in advance

Arjuna Raina

Arjuna Raina (Expert)

30 December 2009 it is one and the same thing ultimately your money will be deposited to govt in your PPF account

ANIL JANGID

ANIL JANGID (Expert)

30 December 2009 agree

Bhavesh

Bhavesh (Expert)

31 December 2009 If I am not wrong, PPF accounts can not be opened in the name of HuF.

Only in name of individuals

ANIL JANGID

ANIL JANGID (Expert)

31 December 2009 Public Provident Funds
Indian Postoffice Savings

Who can open a Public Provident Funds account:
An individual :
in his own name,
on behalf of a minor of whom he is a guardian,
a Hindu Undivided Family.
Where to open a PPF account
at designated post offices throughout the country and
at designated branches of Public Sector Banks throughout the country.
Maturity period
The account matures for closure after 15 years.
Account can be continued with or without subscriptions after maturity for block periods
of five years.
Nomination
Nomination facility is available under Public Provident Funds accounts.

.

Deposit limits
Minimum deposit required is Rs. 500 in a financial year.
Maximum deposit limit is Rs. 70,000 in a financial year.
Maximum number of deposits is twelve in a financial year.

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

31 December 2009 agree to Mr.anilsir

Bhavesh

Bhavesh (Expert)

31 December 2009 There is an RBI circular dated MAy 31, 2005 dicontinuing new HUF PPF accounts.

Pls find attached the link to a related article

https://www.hindu.com/biz/2005/06/27/stories/2005062700291600.htm

ANIL JANGID

ANIL JANGID (Expert)

31 December 2009 YES BUT THOSE HUF ALLREADY MEMBER WILL NOT DISCONTINUE.NEW HUF CAN NOT OPEN THE PPF DO AGREE WITH MR.BHAVESH.

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