my son who is a minor receives gifts in cash on his birthdays and festivals and on visiting relatives . my gross in
come is 10 lakhs per annum. I pay 150000 in my ppf account per year. now I wish to open ppf account for my minor son and deposit accumulated cash gift of 150000 in his ppf account .I am guardian of this ppf account . is there any violation of pp rules or income tax rules
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Ppf account for minors
Replies (1)
No violation of any provisions. PPF Act and Rules allow PPF A/c in the name of minor.
You can deposit upto 150000/- per year in Minor's Account.
Source of cash deposits in PPF A/c you may have to furnish anytime in future when sought for
You can deposit upto 150000/- per year in Minor's Account.
Source of cash deposits in PPF A/c you may have to furnish anytime in future when sought for
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