What is the maximum amount I can deposit in the PPF A/c of my two grand daughters (daughters daughters) and Gift every year in the capacity of Nana?
The deposits are intended to be made through cheques out of my taxable income. 2. I am a senior citizen and filing my income-tax return and paying the tax after availing rebate under Section 80C and also as a senior citizen. Whether deposits made as above will qualify for rebate under section 80C in my hands. S.K. Verma, Panchkula A. (i) The gift to your grand daughters can be made to the extent of any amount and the same would not be treated as income in the hands of your grand daughters. This is because a receipt from a grand father is covered within the exception provided by Section 56(2)(v) of the Act. However, for the purpose of depositing the amount in the PPF account of your grand daughter, the limit of Rs 70,000 up to which the deposit is permissible under the PPF scheme will have to be kept in view. (ii) Section 80C of the Act allows deduction of contribution to any public provident fund account which is maintained in the name of the individual himself, his spouse, and any chi
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