Minor Daughter - SSY
This query is : Resolved
17 September 2024
Hi,
I have 2 daughters, 7 months and 3 years old. Me and my wife are both salaried professionals. I want to invest in Sukanya Samriddhi Yojana (SSY) for both my daughters. Me and my wife already invest in our own PPF's. I have a few queries:
1. Can I pay in SSY for both my daughters ?
2. Can I pay in SSY of one daughter and my wife can pay in SSY of the other daughter ? If my wife is paying in one daughter's SSY, she has to be made the legal guardian for that daughter's SSY?
3. Can my HUF pay in SSY of my daughters ?
4. Can my father's HUF pay in my daughter's SSY i.e grandfather's HUF paying for SSY of granddaughter?
5. Can my father pay in my daughter's SSY i.e grandfather paying for SSY of granddaughter?
6. When the account turns 21 years, the maturity proceeds will be given. Will the income generated by this amount be clubbed with my income after 21 years?
Thanks in Advance.
I have 2 daughters, 7 months and 3 years old. Me and my wife are both salaried professionals. I want to invest in Sukanya Samriddhi Yojana (SSY) for both my daughters. Me and my wife already invest in our own PPF's. I have a few queries:
1. Can I pay in SSY for both my daughters ?
2. Can I pay in SSY of one daughter and my wife can pay in SSY of the other daughter ? If my wife is paying in one daughter's SSY, she has to be made the legal guardian for that daughter's SSY?
3. Can my HUF pay in SSY of my daughters ?
4. Can my father's HUF pay in my daughter's SSY i.e grandfather's HUF paying for SSY of granddaughter?
5. Can my father pay in my daughter's SSY i.e grandfather paying for SSY of granddaughter?
6. When the account turns 21 years, the maturity proceeds will be given. Will the income generated by this amount be clubbed with my income after 21 years?
Thanks in Advance.
08 October 2024
Hi,
Please experts help on this.
Please experts help on this.
06 November 2024
Hi,
Please experts help on this.
Please experts help on this.
06 November 2024
1. Yes.
2. Yes, correct (natural guardian for each separately).
3. Yes, but won't get tax benefit.
4. It will be assumed to be paid by the guardian.
5. Same as above 4.
6. No. The girl will be owner of the account (holder herself), and the maturity amount will be issued to her.
The total amount will be tax exempt under EEE mode.
2. Yes, correct (natural guardian for each separately).
3. Yes, but won't get tax benefit.
4. It will be assumed to be paid by the guardian.
5. Same as above 4.
6. No. The girl will be owner of the account (holder herself), and the maturity amount will be issued to her.
The total amount will be tax exempt under EEE mode.
11 February 2025
Hello Sir,
Thanks for the replies. Just a follow up on the same :
I am paying for my daughter's SSY. On my personal balance sheet, will it be considered a gift to my daughter. Also, the money should be transferred to my daughter's savings account and then to her SSY or should I directly transfer money to her SSY.
Thanks
Thanks for the replies. Just a follow up on the same :
I am paying for my daughter's SSY. On my personal balance sheet, will it be considered a gift to my daughter. Also, the money should be transferred to my daughter's savings account and then to her SSY or should I directly transfer money to her SSY.
Thanks
11 February 2025
Consider it as Gift to daughter. You should directly pay in her SSY account.
11 February 2025
Thank you sir for your help and guidance always.
11 February 2025
You are welcome.
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