Just want to ask, regarding the 80cc limit of 1.5 lakhs for the individuals. If I had invested Rs. 1.0 L in my PPF A/c and 0.5 L in my son (minor) PPF A/c, then I will be able to avail the deduction of 1.5L in FY 2016-17.
But if the son attains the age on 18 and become major on 31st March, 2017, will I still get the same advantage of 1.5L deduction, on my investment? Kindly reply. Thanks. more
But if the son attains the age on 18 and become major on 31st March, 2017, will I still get the same advantage of 1.5L deduction, on my investment? Kindly reply. Thanks. more
Viewed by 503
Gautam Jee, this is not true. You can have ppt accounts in your minor children's name. There is no restriction. In fact it is best to open it as early as possible so the 15 year period is over before they become adult and then they can withdraw at will. more
Mar 27
Yes you can invest in LIC and PPF in your, spouse and children (including Married daughter) Account. more
Mar 24
Dear Amit You can avail section 80 C benefit, in AY 2017-18, for the PPF remitted in the account of your minor child, provided the remittance is out of your income & minor does not have any income or the income of minor, if any ,is aggregated with your income. It is immaterial whether the minor attains 18 years on 31.03.2017 more
Mar 23
Why opening two ppf accounts and making things more difficult. Avoid multiple account especially for minors, it will create more problem in future, have your son as nominee, more
Mar 22
