Huf and minor ppf
Biplab Swain
(Querist) 24 April 2013
This query is : Resolved
I wanted to open a PPF account favouring my Minor Son and wanted to contributions to be out of HUF.
The bank refused the same, citing that they dont have any clear guidlines regarding the same.
Please advise if same is possible under current income tax provisions.
Any citation, will help the bank decide.
Raj Kumar Makkad
(Expert) 24 April 2013
It is not permitted under Income Tax Act, 1961 as on day. This is a clear diversion of assets of HUF.