Ppf payment by mother on behalf of her son (major)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2013
Hello!!
I wanted to know, can PPF payment be made by Mother for her son who is major, is it allowed?>
I wanted to know, can PPF payment be made by Mother for her son who is major, is it allowed?>
04 March 2013
yes, mother can pay PPF of son
in 80C you can pay for yourself, your spouse and your children (no matter they are major or minor)
So a mother can get benefit on deposit PPF for major son
in 80C you can pay for yourself, your spouse and your children (no matter they are major or minor)
So a mother can get benefit on deposit PPF for major son
04 March 2013
Hi,
I have found different views, pl refer: https://www.caclubindia.com/experts/deduction-of-ppf-deposit-u-s-80-c-27501.asp
Thanks!!
I have found different views, pl refer: https://www.caclubindia.com/experts/deduction-of-ppf-deposit-u-s-80-c-27501.asp
Thanks!!
04 March 2013
Hi
Any resident Individual, above 18 years old can open only one account in his own name or any resident Individual can open additional account on behalf of minor of whom he is guardian can open account in this scheme.
So if you are depositing money in account of your Major Son then amount contributed will be considered as contribution by your son, if not then it is illegal.
Thanks!!
Any resident Individual, above 18 years old can open only one account in his own name or any resident Individual can open additional account on behalf of minor of whom he is guardian can open account in this scheme.
So if you are depositing money in account of your Major Son then amount contributed will be considered as contribution by your son, if not then it is illegal.
Thanks!!
05 March 2013
Dear Vaibhav
can you please show me this in Act
in 80C there is no problem with that. only children word is used. So they can be major or minor
no problem with that
can you please show me this in Act
in 80C there is no problem with that. only children word is used. So they can be major or minor
no problem with that
05 March 2013
Hi Prashant,
Agree with you, but under PPF rules you can not contribute for your major child, so it seems there is gap between two Act which need to be corrected by Income Tax Act.
Thanks!!
Agree with you, but under PPF rules you can not contribute for your major child, so it seems there is gap between two Act which need to be corrected by Income Tax Act.
Thanks!!
05 March 2013
Dear Vaibhav
80C is in income tax not in PPF
so for exemption will be governed by income tax act.
in PPF it is mentioned that a major child will get his own account. anybody can deposit amount, there is no restriction on that.
80C is in income tax not in PPF
so for exemption will be governed by income tax act.
in PPF it is mentioned that a major child will get his own account. anybody can deposit amount, there is no restriction on that.
05 March 2013
Dear Prashant..
Pl read eligibility criterion mentioned: https://www.indiantaxupdates.com/2013/02/12/public-provident-fund-ppf-at-glance/
Thanks!!
Pl read eligibility criterion mentioned: https://www.indiantaxupdates.com/2013/02/12/public-provident-fund-ppf-at-glance/
Thanks!!
05 March 2013
Dear Vaibhav
please read my answer
I told in PPF it is mentioned that a major child will get his own account.
BUT
it is nowhere mentioned that father can't deposit amount in major son PPF account.
its mean cash don't have owner name on it. the amount is deposited in major son account will be controled by major son not by father.
so deposit is possible
and Q was for 80C.
which I cleared no prob in income tax for deduction
please read my answer
I told in PPF it is mentioned that a major child will get his own account.
BUT
it is nowhere mentioned that father can't deposit amount in major son PPF account.
its mean cash don't have owner name on it. the amount is deposited in major son account will be controled by major son not by father.
so deposit is possible
and Q was for 80C.
which I cleared no prob in income tax for deduction
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Internship/Academic shown in Salary Pay Slip of a Doctor
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
