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PPF for minor

Jignesh (Engineer) (24 Points)

17 September 2010

I have a query for opening PPF account for son (minor).

- I am having a PPF account, deposits 70000 PA and enjoying tax benefit

- My wife (Housewife) also have a PPF account; deposits 70000 PA and not concerned about tax benefit

- We have a son for whom I am interested in opening PPF account and not concerned about tax benefit

Is it possible to open a PPF account for minor son where I am a guardian and deposit 70000 PA in addition to my PPF account?

I am not interested in enjoying tax exemption for my son's tax benefits.

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5 Replies

Harpreet (* * * * * *) (1670 Points)
Replied 17 September 2010

I think so you can open the same.

SANTOSH (BUSINESS) (46 Points)
Replied 17 September 2010

yes it is possible .

Thanks

ALOK GOEL (chief manager) (593 Points)
Replied 18 September 2010

PPF account can be opened for minor children with natural gurdian ship of either of parents i.e either with father or mothers name until he or she aged to 18yrs. 80cc Tax rebate is avaialbe to the doner parent only for the contribution for minor.

alok goel

JINESH SHAH (PRACTICING CA) (151 Points)
Replied 22 September 2010

YES YOU CAN DO SO...

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 03 January 2011

1. your income is taxable so u r depositing 70k in PPF and availing exemption ........great

2. Spouse income from what source for such 70000???????????? if there is no such source it would get added to your taxable income .............. file nil returns of her to establish the income and thereafter deducutions.

3. absolutely no bar to open the minor PPF a/c but remember that 70000 deposited to minor ppf a/c will get clubbed in your taxable income every year ...................