Can my Wife and Minor Son open PPF account if I already one account ?

POSTED BY Vivek ON October 2, 2013 11:02 pm COMMENTS (3)

Dear All,

I have read lot of questions and answer on this forum and I am getting more confusion by reading those, I am explaining my scenario here, we are 3 family members.

My self, Wife, and minor son and I am having PPF account with my name now, Can my wife open an account on her name? How much she can invest and does it increase or impact on my tax liabilities?

Can we open one more account on name of our minor son? How much we can invest in and does it increase or impact on my tax liabilities? How much I can show as tax deduction ?

3 replies on this article “Can my Wife and Minor Son open PPF account if I already one account ?”

  1. ashalanshu says:
    October 3, 2013 at 11:27 am

    Dear Vivek, yes.

    Thanks

    Ashal

    Reply
  2. ashalanshu says:
    October 3, 2013 at 8:49 am

    Dear Vivek, yes being Adult, your wife can open her own PPF account. For your Son, PPF account can be opened under the guardianship of either you or your wife.

    PPF does not increase your tax liabilities.

    The tricky part in case of Son’s PPF account is, Son + Guardian’s own PPF account ‘ll have combined limit of 1L Rs. not 1+1=2L as many people think.

    Now do tell me where is the confusion? We can discus more on it, if you want to.

    thanks

    Ashal

    Reply
    1. Vivek says:
      October 3, 2013 at 9:22 am

      Thanks Ashal for clear doubts,
      so there is no any benefits of open PPF account as Guardian of son, as we can simply nominate him its fine

      Reply

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