Hi, I was reading through the article on your website about the PPF a/c. You have mentioned that "Let's say you open an account for your minor child. You can deposit Rs 70,000 in your account and Rs 70,000 in your child's account. But you will only get the tax benefit on Rs 70,000"
I heard that th emaximum contribution can be only Rs 70000 intotal into the two accounts. Please clarify.
My other question is can my wife have a seperate a/c as she has her own income?
RE:PPF
by docs333@rediffmail.com on Jul 26, 2007 01:54 AM Permalink
You can invest maximum 70000 in your account as well as maximum 70000 in minor's account but you can get tax advantage of one account or Rs. 70000 only. You wife can invest upto 70000 in her account.
My opinion: Do not invest too much amount for yours, minor's and wife's account. diversify your family investment.
