Amit audit sir (finance ) (29 Points)
30 May 2012Can i open 2 accounts in PPF on in my own name and second as a guradian of my child and deposit 2 lakhs . I will take exemption of 1 lakhs but i hope this 2 lakhs will carry an interest 8.8 % or only i can deposit 1 lakhs jointly in both accounts.
Secondly i want to know this 1 lakh limit is for interest income or i can deposit more than 1 lakh and intestest will be given for 1 lakh only just for clarification
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 30 May 2012
You can open the PPF a/c in your name & as a guardian of your child. In each account you can deposit upto 1lacs only, but overall deduction u/s 80c wud be 1lacs only.
You can deposit only upto 1lacs during an F.Y. Interest would not be considered as an deposit & will be treated separately.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
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