As per tax and investment experts, if the investor is married, then opening a PPF account in the name of one’s spouse can be a good option. … But, PPF has some other features like income tax exemption on PPF interest earned and PPF maturity amount.
Can husband and wife have separate PPF accounts?
In this situation one can consider opening PPF account for their spouse. It is worth remembering that the overall income tax exemption under Section 80c on investments will continue to remain capped at Rs 1.5 lakh per annum.
Can I invest in my wife name?
Spouse: Many investment instruments such as insurance, Public Provident Fund (PPF), fixed deposits and shares allow investment in the name of spouse. But any return on such investment is considered as income of the proposer and gets taxed accordingly.
How many PPF accounts can a family have?
Q2. How many PPF accounts can a family have? A family can have as many PPF accounts; one for each member is also possible. However, the total amount that can be invested in PPF accounts by a family, as a whole is Rs 1.5 lakh.
Can PPF account be held jointly?
A PPF account can’t be opened in joint names. So, in your minor son’s account, your spouse will be the guardian and not a second holder. You can deposit the gift received by your child in his PPF account.
Can I have 2 PPF accounts?
Thus, till the time the total contribution does not exceed Rs 1.5 lakh in a financial year, you can split the amount between the two accounts. The minimum contribution which needs to be made towards an account is Rs 500 in a financial year. My wife and I, both 72, opened our PPF accounts in 1993 and 1994 respectively.
Which bank is best to open PPF?
Where to open a PPF account?
- Bank of India.
- Union Bank of India.
- Oriental Bank of Commerce.
- IDBI Bank.
- Punjab National Bank.
- Central Bank of India.
- Bank of Maharashtra.
- Dena Bank.
Can husband give wife salary?
Thus, it is very clear that if the husband makes payment of commission or salary, etc. to his wife from his proprietary concern or a partnership firm or a corporate entity, then such payment of either a salary or commission paid to the wife would not be treated as the income of the wife because the same would be …
Does wife have rights to husband’s salary?
As a wife, you also have the right to know the details of your husband’s salary, according to a 2018 ruling by the Madhya Pradesh High Court. You can explain to your husband the need to share financial information in case of any eventuality, be it death or disability.
Can husband gift to wife?
There is no restriction on husband giving any money out of his income to his wife but you cannot claim any tax benefits in respect of money gifted to your wife. You will have to pay full tax on your income because gifting of money, out of your income, is treated as application of income.
What is the age limit for PPF account?
There is no age requirement for opening a PPF account. Adults, as well as minors, can have a PPF account. However, in the case of minors who are below 18 years, the account should be operated by a guardian on his/her behalf until he/she turns 18.
Can I open both EPF and PPF?
Only employees of companies registered under the EPF Act can invest in the EPF or PF. Both the employer and employee are required to contribute 12% of the employee’s basic salary and dearness allowance every month to the EPF account. … You can open a PPF account with the post office or most major banks.
How much withdraw from PPF?
How much money can be withdrawn from a PPF account? You can withdraw the money partially after completing five years from the date of opening the account. However, you can only withdraw up to 50% of the total account balance at the end of the fourth year from the date of opening.
How can I check my PPF balance?
You can check your PPF account details including the balance under the ‘My Deposits’ section. Check PPF balance through missed call or SMS: Give a missed call to 9223766666 or send an SMS ‘BAL’ to the same number to get the balance.