Hi,
I wanted to know the limit of PPF Deposit.
My father has been investing in PPF for self, me and my sister (Both are major and have crossed 18 yrs). He has deposited 1.5 lakh each in the 3 account. Is this permitted since both myself and my sister are more than 18 yrs (I read about deposit to be limited to 1.5L for minor child and father combined).
1 Answers
Hi,
As per the PPF Act, it clearly states that one can contribute to the PPF scheme in the name of self, spouse or Minor kid's name only. So, you may ask your father not to contribute in future.
Both of you (self & sister) can manage the PPF a/cs by yourself, contribute and can claim tax benefits.
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