tax on kid's PPF
I have a PPF account with 70000 deposited in it.
Can I open account PPF in my wife�s(housewife) or son�s(4 years)name?
Can I invest 70000 to each of them?
Will the interest coming from it will be taxable to me & I have to show in my return?
Asked on 5/13/07, 10:37 am
1 Answer from Attorneys
PRAMOD SINGH
SINGHS LAW ASSOCIATES
Re: tax on kid's PPF
you can open ppf account in the name of either wife or son and you can invest as amount as you wish but if both are depandant on you then interest would be calculated in your income.
Answered on 5/19/07, 8:14 am
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