Hello Sir – in one of your blog https://www.basunivesh.com/2017/08/11/ppf-account-for-minor-and-wife-rules-tax-benefits/ i read that spouse can invest in each other’s account. So i and my wife each have separate PPF accounts. I will open one in my minor son’s name with me as guardian. So in this case total allowed is 6L or 4.5L per annum.
1) First doubt do i need to open PPF account in my minor son’s name to invest in each other’s ppf account (husband & wife & vice versa)
2.) 6L – I invest 1.5 L (for self & minor combined) & my wife invests 1.5L in my PPF account. Then my wife invests 1.5L in her PPF account & i invest 1.5L in her PPF account. So total 6L —
3.) 4.5 L – I invest 1.5 L (for self & minor combined) & my wife invests 1.5L in my PPF account. Then my wife invests 1.5L in her PPF account. I cannot invest in her account further.. So total 4.5L –
Am i right in this case 2 or case 3..
In your case, it is Rs.4.5 lakh a year.
- You can open yours, kid and wife account simultaneously.
- You invest in your minor kid account (where you are a guardian), your wife can invest in your account and she or you can invest in her PPF account. The maximum limit for wife account is Rs.1.5 lakh. Hence, she or you cant invest beyond Rs.1.5 lakh.