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.
PLEASE ANYBODY CLARIFY WHETHER ABOVE STATEMENT IS CORRECT.BECAUSE I REMEMBER READING SOMEWHERE THAT MAXIMUM DEPOSIT IN OWN ACCOUNT AND THAT OF MINOR ACCOUNT TOGETHER SHOULD NOT EXCEED 70000/-
