A person is having 4 PPF accounts in the names of himself, his wife, his 2 children.
Whether he can contribute Rs. 1.50 lacs in each PPF account ? i.e. total contribution of Rs. 6 Lacs in a financial year.
It is agreed to take benefit u/s 80C of IT Act will be restricted to Rs. 1.50 Lacs only.
1. Limit of number of accounts
Self + 1 account for each minor
2. Maximum limit of subscripttion
1.5 lakh (Self+Minor). No separate limit. It’s inclusive.
Public Provident Fund Scheme, 2019
Rule 3(2)
An individual may also open one account on behalf of each minor or a person of unsound mind of whom he is the guardian.
Provided that only one account shall be opened in the name of a minor or a person of unsound mind by any of the guardian.
Rule 4(2)
Maximum limit of one lakh fifty thousand rupees as specified in sub-paragraph (1) by an individual shall be inclusive of the deposits made in his own account and in the account opened on behalf of the minor.
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