Query on PPF

Dear Pankaj,

I have a PPF account and I have read Your PPF post also.

My father is 51.and my mother is 45. Now my father falls under first slab .

He is receiving govt pension and some interest from fixed deposit which will come under the taxable limit.I want to create a Fund for my mother at the age of Sixty(mother s age).My mother is a house wife.

1.I open a PPf account in my mother s name and I pay the money to a E or S acc (father and mother).. I dont want to take tax exemption. As money is going from the Father s account(i transferred) to the mother PPf account is father eligible to get the income tax exemption ?

  1. While opening PPf account can it be opened in E or S mode or only in single operation mode?

You can say i can open a PPf account in my Father s name the above complication will not occur. At his age i dont want to open a PPf account. and he cant go the branch and do the form filling and all. that is the reason. and i dont want to lose the money in tax also without doing any tax saving options.

Pls guide me. regards Vignesh

asked Sep 17 '12 at 14:57 by vignesh 94671323

  1. You cannot open PPF account on your mother or father's behalf. She would need to open account herself.
  2. PPF account can only be opened as individual single operation account. There is no either or survivor mode in it.
  3. Your father cannot also open PPF account on behalf of your mother. He won't get tax exemption to account not owned by him.

answered Sep 17 '12 at 16:12 by Pankaj Batra 5.2k320


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Asked: Sep 17 '12 at 14:57

Seen: 1,925 times

Last updated: Sep 17 '12 at 16:12