Can I open multiple PPF account one for self & other for minor kids & make investment of 100000 to each account?
Thanks
1 Answers
Yes, ONE person can open only one PPF account. Your son can open PPF account with you being the guardian
My query is little different, can I make total of 200000 investment( 100000 to each account mine & minor kid)? I understand that tax exemption would be on one account only i.e. mine one!
Yes, You can make 100000 each for you and and your kid which makes a total of Rs 200000. The max tax deduction available to you is Rs 1 Lakh. Under Section 80C of the Income tax Act, person paying taxes is eligible to claim deduction from total income against contribution to PPF (belonging to self, husband, wife, any child) maximum limit of Rs 1,00,000
Mayank Gupta www.ninemilliondollars.com
Pl clear the following: My PPF account is going to mature in july'14 but I will get the matured amount only on 31st March'2015, can I continue this account for next 5 yrs & open other account in name of my son who is only 4 yrs old ( a minor).Will I get tax benefit on Rs 100000 even I deposite Rs 100000 in both accounts (i.e. total Rs 200000).
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