Hi,
I am planning to open a PPF account in my child's name. Can you pls guide me on the below query?
Do I need to pay tax on the interest income earned on my child's PPF account.
She is 2 months old now
Regards,
subho
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Tax on ppf interest income for minor account
Replies (1)
Yes, you can open PPF account in your child's name but it will be managed and operated by the parent/guardian. The interest earned on PPF is tax-free. After the child reaches major, the child will be able to manage the account independently. You may claim deduction u/s 80C for deposits made in the account for the year, which shall not exceed 1 lacs.
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