Limits for PPF deposit per family

I understand that individual account limit for deposit each FY is 1 Lakh/pa. In a family of 4 with 2 kids and 1 earning parent, earlier the PPF rules permitted upto 1 Lakh deposit each , making it cumulative 4 lakhs/pa. My friends tell me that after 2011, rules have changed and total cumulative deposit per earning member cannot exceed 1 lakh . is that true ? What about older deposits ?

asked Jun 18 '13 at 09:10 by GauravS 111

As per rules, interest won't be paid for all contribution above 1 lakh limit. This contribution includes all amount deposited in self and minor PPF accounts operated by person.

answered Jun 29 '13 at 15:54 by Pankaj Batra 5.2k320

thanks to search option... i got answer to my query..
(Feb 17 '14 at 15:47) sakiv1089
Pankaj Ji, I have doubt on your reply, I, understand that the interest will be paid on amount(on max deposite upto Rs 1 Lac/account) in all accounts but the tax benefit under 80-C will be given on Rs 1 Lac only, pl correct me if I am wrong.
(Mar 08 '14 at 16:16) sakiv1089
Yes, max deduction under 80C would be limited to 1 lakh only.
(Mar 09 '14 at 01:01) Pankaj Batra

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Asked: Jun 18 '13 at 09:10

Seen: 2,447 times

Last updated: Mar 09 '14 at 01:01