Cealing limit for letter of administration
UDAY DHOLKIYA
(Querist) 14 May 2012
This query is : Resolved
A Father of minor child has opened PPF accont in minor's name and unfortunately minor died in an accident.At present balance lying in above said PPF account is Approx. Rs.4,00,000/-.There is no nomination in force for above PPF account.
So,kindly guide me whether succession certificate can be obtained for estste of deceased minor's estate?or His father should opt for Letter of Administration?Also clarify what is cealing limit of Letter of Administration?
A V Vishal
(Expert) 14 May 2012
The PPF account cannot be closed prematurely upon the death of the account holder. It has to complete the tenure of 15 yrs as per the PPF rules.
Shonee Kapoor
(Expert) 14 May 2012
The mother would get the amount on completion of the term.
However, this is not true that the money can not be withdrawn till completion of 15 years, if withdrawn the money would be counted in the income and tax would be levied on the same.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
UDAY DHOLKIYA
(Querist) 14 May 2012
Shonee sir,u are right.but i just want to know that whether succession certificate can be obtained for estste of deceased minor's estate?or His father should opt for Letter of Administration?Also clarify what is cealing limit of Letter of Administration?
pls guide me.
