HUF can’t open its own PPF account1 min read 07 Oct 2019, 01:17 PM IST
In case the HUF contributes PPF towards a minor member, it will be considered as part of the contribution of the parent who is the guardian in the minor’s PPF account
HUF can't it appointed as a guardian for a minor’s PPF account
I have my own Public Provident Fund (PPF) account and another one for my son under my guardianship. Both have my permanent account number (PAN). My husband and I both use our PPF limit fully and claim deduction too. We have recently registered our Hindu Undivided Family (HUF). If the HUF deposits the money in my son’s PPF account, will that lead to exceeding my PPF limit (to ₹3 lakh) since my PAN is present in his PPF account? If yes, can the HUF be the guardian in my son’s PPF account by adding the HUF PAN to his account? Please suggest any other legal alternative if available so that all three PPF accounts can be used fully for investment.
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