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Pan card for minor for ppf account

Tax queries 393 views 1 replies

Person A  is salaried employee, His wife is a homemaker but has some income from other sources like FD. They have a son 5 years old. For investment purpose he is thinking of opening a PPF accounts for his son (with Minor PPF PAN). 

Query: As his son's PPF account would be linked with minor PAN account, does the interest from PPF account would be clubbed with Person A account salary or wife's other source of income? Or it is like interest from PPF would not be included with any of the parents salary?

 

 

Replies (1)

PPF of minor cannot be opened with his own PAN, but through either of the parent or guardian.

PPF interest accrued  is taxfree and is to be declared in Mr. A's ITR.

Mr. A can get benefit u/s. 80C upto specified limit by investment in Minor's PPF account.


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