I am having trouble in opening a PPF A/c. in the name of minor. I filled up the form to open a PPF a/c. in the name of my daughter who is just 6 months of age now and submitted to Bank of Baroda. They refused saying Finance Minister has banned PPF in the name of Minor in last budget. I tried the same form with another branch of Bank of Baroda. Again that branch also refused. So it seems to me that they are having instructions from h.o. but then my agent found out that SBI opens PPF A/c. in the name of minor even today. What should I do? If I open the account in the name of minor and after 15 years if they refuse to pay me the interest then I would be in more trouble. My C.A. has given me the opinion that you can open PPF A/c. in the name of Minor and can deposit 70000 in that account as well as in account in my name and my HUF A/c totalling 210000. However you can claim only 70000 in Individual and 70000 in HUF a/c. But I dont know the rules under PPF Act. Can anyone give me the advice?
I HAD GIVEN GIFT OF 50,000 TO SISTER IN LAW, WHAT IS MY TAX IMPLICATIONS. I HAD GIFTED SOME AMOUNT TO MY DAUDHTER AGED 19 YEARS, SHOULD I PREPARE THE GIFT DEED OR SIMPLY SHOW IN MY TAX RETURN AND WHAT ARE THE TAX IMPLICATION OF MY DAUGHTER AGED 19 YEAR STUDENT.
RE:GIFT , INCOME OF CHIELF
by IIFT Jaipur on Feb 25, 2007 04:28 PM Permalink
rERDING GIFT GIVEN TO YOUR SISTER IN LAW, THERE IS NO TAX IMPLICATION IN YOUR CASE. Similarly, in case of gift to your daughter aged 19 years, there is no tax either in your case or in case of your daughter. Practically, no need for a gift deed. Simply show it in your tax return. If your daughter is getting taxable income she will need to file separate return as she is no more a minor.
RE:Tax Planner
by Rajesh S on Feb 22, 2007 03:51 PM Permalink
You can also find info abt the following there.
Life Insurance Premium Employee Provident Fund (EPF) Public Provident Fund (PPF) Deferred Annuity / Pension Scheme Unit Linked Insurance Plan (ULIP) National Savings Certificate (NSS) Equity Linked Savings Scheme (ELSS) Payment of Children%u2019s Tuition Fees Repayment of Principal amount of Housing Loan Bank Deposits Purchase of Infrastructure Bonds Overseas Travel - Per Day Allowance (Per DM) Reimbursement of Medical Expenditure Medical Insurance Premium (Mediclaim) Education Loan Repayment Medical Expenditure of Disabled dependent Medical Expenditure on treatment of Specified diseases Tax deduction in case of a Person with disability
if a property is bought in child name,can the same can be attahced by bank in case the father is a defulter,and the bank have a decree to attahch the father property.
Can anyone answere me the following: 1.Max. amount that can be invested in a PPF amount. 2.Can I open PPF account for myself, my son & wife and invest the same max. amount in all these accounts.
RE:PPF
by shahid iqbal siddique on Feb 22, 2007 03:41 PM Permalink
Yes you can open PPF account for your family members and in each account you can deposite max of Rs 70,000 but you will get a tax benefit for your PPF account only, deposites made to family members PPF account is taxable.
RE:PPF
by pankaj agarwal on Feb 22, 2007 03:15 PM Permalink
1. Maximum amount can be invested in per PPF account is Rs. 70,000/- 2. Yes you can open PPF account in your name, son as well as wife
RE:PPF
by roland kumar on Feb 22, 2007 03:19 PM Permalink
people of hyderbad can call this person who is a very good financial planner.........he sells solutions rather than products....his name is naveen and he can be reachable on his mobile...........9989055629
RE:PPF
by Pankaj Jain on Feb 22, 2007 03:20 PM Permalink
1.In a PPF account you can invest within a range from 500-70,000 Rupees in one financial year.
2. Yes you can open PPF account for all the earning member of house, but now a days it is not advisable to do so. Its better to go FD in national or private bank where u will get an interest rate of about 9%, whereas in PPF its 8% and if you are going for 5Yrs FD then you will get TAX benefit under the same section as well. In PPF locking period is high 15 Yrs.
Yes, I did purchase Insurance policy from one of the advisor for tax free income for my child, but that income will start after my child attends age of 15. Every year he will receive amount 33,000. I have to pay only 15 years and get tax exemption for 15 years, thereafter my child will receive from 15 years, till his entire life amount 33,000 per year. Also in addition to it will receive amount upto 5 lakhs after 5 years as lumpsum amount. For further discussion you can email me on a.alokpatil@rediffmail.com
RE:A very good option for child
by Chuni Lal on Feb 22, 2007 03:15 PM Permalink
I shall be obliged if u could inform me about the name of policy/product type/annual premium and all such information of use. My eID is chunilal_nrcg@rediffmail.com
RE:A very good option for child
by Swapna K on Feb 22, 2007 10:51 PM Permalink
hi pleaselet me know the policy details like insurance co, product name and anual preamium.
RE:A very good option for child
by chetak lalwani on Feb 22, 2007 02:44 PM Permalink
hi pleaselet me know the policy details like insurance co, product name and anual preamium. Chetak chetak15@rediffmail.com
RE:RE:A very good option for child
by on Feb 24, 2007 03:49 PM Permalink
sir if you are interested in policy for your please let me know for further discussion my e mail id is mira1agr@yahoo.com thanx
RE:A very good option for child
by Chuni Lal on Feb 22, 2007 03:11 PM Permalink
I shall be obliged if you kindly let me know about the details of the policy u have. ..its premium pre annum and the product
RE:A very good option for child
by NAGENDRA GOWDA on Feb 22, 2007 03:00 PM Permalink
Hi Can u please provide me the details of the policies on nags68@rediffmail.com
RE:A very good option for child
by anilkumar nair on Feb 22, 2007 03:05 PM Permalink
kindly let me know the policy details so that I can also avail the same for my child. My e-mail id is anilkumarnair100@rediffmail.com
RE:A very good option for child
by on Feb 22, 2007 03:22 PM Permalink
good one dear.. pls tell me the insurance company and policy details, i also wanna purchase policy for my kids..E-mail :: ankurp@rediffmail.com
RE:RE:A very good option for child
by JOSEPH DLIMA on Feb 22, 2007 04:10 PM Permalink
LIC's Jeevan Tarang is very good policy. If you take Rs.1 lac sum assured Policy for 20 year term then Yly.Premium is Rs.5150/- (Age upto 40 years)On 20th Year you will get rev. bonus and there after Yearly 5,500/-p.a. as survival benefit till the age of 100 years. On completing 100 years you will get Rs.100,000/-(Sum Assured) Loyalty Addition if any. The sum assured along wih vested reversionaly bonuses is paybale in case of death of the life assured during the accumulation period. The Sum assured along with loyalty Addition, if any is payable in case of death of the Life assured any time after the accumulation period.
RE:A very good option for child
by rakesh oswal on Feb 22, 2007 03:14 PM Permalink
please give me the policy name and the amount of premium u used to pay email id:oswal_rakesh@rediffmail.com
RE:A very good option for child
by chaitanya Sardeshpande on Feb 22, 2007 04:01 PM Permalink
plz mail me details of policy alok at chaitanya.sardeshpande@rediffmail.com
RE:A very good option for child
by Pradeep Pathak on Feb 22, 2007 02:52 PM Permalink
Could you tell me the Policy name and annual premium paid by you. my e-mail Id is:pkpgold@yahoo.com
RE:A very good option for child
by G.Venkat ramanaiah on Feb 22, 2007 03:08 PM Permalink
please tell me about the policy details, like annual premium etc., venkat@powersearch.cpri.res.in
RE:A very good option for child
by NITIN SINGH JADON on Feb 22, 2007 02:59 PM Permalink
can u plzz tell me the name of the policy nitinjadon@rediff.com..thnx
RE:A very good option for child
by Gautam Sinha on Feb 22, 2007 03:01 PM Permalink
Great Thing. But remember that a policy returns much less than good mutual funds. The taxes cut are much lesser in mutual funds, including ELSS. ULIPs like the one you suggested also go for equity risk so you ar enot taking any less risk on policy by going for it. Also very small child is usually not insured. Please keep these in mind
RE:A very good option for child
by Swapna K on Feb 22, 2007 10:52 PM Permalink
hi pleaselet me know the policy details like insurance co, product name and anual preamium. swapnak_2002@yahoo.com
RE:A very good option for child
by Seema Pradnani on Feb 22, 2007 02:43 PM Permalink
Can I have the name of the Policy, so that I can also avail it for my child too.
RE:RE:A very good option for child
by Niraj Dayal on Feb 22, 2007 03:28 PM Permalink
Better buy LIC's Jeevan Tarang. After the stipulated term is over, upon which the Sum Assured is payable , ur child will receive every year 5.5% of the Sum Ass. till age 100 upon which he will get another Sum Assured. So if the sum assured is 10 lacs, upon maturity, say 20 years, he will get 10 lacs, and 55000 every year, on a stipulated date, which can be his/her birthday. Prem. can be found out by going to the site "licindia.com"
