by Ms. Parizad Sirwalla, Partner (Tax), KPMG
Under section 80C, effective from 2014-15 (FY15), an individual can claim
deduction from total income in respect of contributions to any Public Provident
Fund (PPF) belonging to self, husband, wife, any child, subject to an overall
limit of Rs.1.5 lakh per Financial year (FY).
If you open a PPF account in your minor child’s name, the contributions
made in it by you could be claimed as deduction under section 80C within the
overall limit.
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| Ms. Parizad Sirwalla, Partner (Tax), KPMG |
The opening of the PPF account will be as per the Public Provident Fund
Act, 1968. Accordingly, an individual can open a PPF account on behalf of minor
subject to the overall limit specified.
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