26 January 2012
One Of My Client Dr.S.M. Rao and His Wife having Separate PPF Account and Both are Filling Income Tax return Separately for Their Separate Service Income. Now They Want to Open Two Minor Accounts for Their Daughter 17Year Old and For Son 12Year Old Under Guardianship Of Mother and Father and Want to Know That PPF Maximum Limit For These Four Account is One Lac For Each Account (Total Four Lac) or only Two Lac for All Four Account So kindly Specify that amount of Deposit in Each Account. Please Also Tell About Interest Payable On Matuirty.
26 January 2012
The total amount that they can deposit in the account is Rs. 1 lac in each of the four account so totaling to Rs. 4 lac they can deposit...but since the children are minor and return of Income is being filed only for two of the assessee namely father and mother hence they can get the maxium deduction of Rs. 1 lac u/s 80C and hence totaling to rs. 2 lac...and the entire amount that ypu receive on maturity is exempt...
CAclubindia
