Can I open PPF on my mother name?
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Can I open PPF on my mother name?
One can invest up to Rs 1.5 lakh in PPF in a financial year, which gives annual compounded return of 8.7\% at present. Either of the parents can open a PPF account on behalf of the minor. The documents required are a passport-size photograph, proof of age of the child and PAN of the guardian.
Can I invest in PPF for my mother?
A PPF account can be opened by a parent on behalf of his/her child. Both the parents cannot open a separate PPF account for the same child. An individual can, hence, open one PPF account on behalf of each minor child of whom he/she is the guardian.
Can I deposit money in someone else’s PPF account?
There is an ample number of ways, through which an individual can deposit money to his account, or to the PPF account of somebody else, (including a child, spouse and member of the family). You can deposit money in a given PPF account for a maximum of 12 times during a given financial year, via any of these means.
Can I deposit money in my wife’s PPF account?
Opening a PPF account in the name of spouse is a better option. By, opening PPF account in the name of spouse, the investor will be able to double one’s investment limit from ₹1.5 lakh to ₹3 lakh and will enjoy income tax exemption on PPF interest earned and PPF maturity amount in both PPF account.”
Can I invest in my mothers name?
If your parents fall in the non-taxable or lower tax bracket, invest in their names by gifting them money. Senior citizens are allowed tax exemption of up to Rs 50,000 on interest income from saving or FDs in any bank- post office or cooperative. …
How do you invest in a family?
How to Invest for Your Family and Friends
- Suggest an investing club. If your family or friends really want your help, joining or starting an investment club is a great compromise.
- Create an LLC.
- Put funds into your own account.
- Advice for your friends to use.
Can I trade in my mother’s account?
There is no problem, if your mother give her consent that you can transact investment of share trading on behalf of her where demat account should be in the name of her and transaction of investment will run through her bank account as mentioned at the time applying for demat account.
Who can invest in PPF?
Any Indian citizen
Who is eligible to invest in PPF. Any Indian citizen can invest in PPF. One citizen can have only one PPF account unless the second account is in the name of a minor. NRIs and HUFs are not eligible to open a PPF account.
Can I invest in my wife name?
Money is Invested in Shares or Fixed Deposits or other Assets. TShares may have been purchased in your wife’s name or fixed deposits may be placed in her name – but the gains from the wife’s shares or income from such fixed deposits shall be combined with your income.