Ppf

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Manoj Prasad (Querist)
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08 July 2014 1) Interest on PPF
2) Amount contributed by self to PPF Account

please tell me under which section both are exempted ?

Deepti Asawa

Deepti Asawa (Expert)
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08 July 2014 EXEMPTION U/S 10(11) Any Payments received from a provident fund to which provident fund act applies Or from PPF set up by central govt. is exempt from tax.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 July 2014 Exempted u/s 10(11) of the Income Tax Act 1961.

Rupesh Jain

Rupesh Jain (Expert)
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08 July 2014 u/s 10 it is exempt the intt on PPF.

Manoj Prasad

Manoj Prasad (Querist)
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08 July 2014 INTEREST ON PPF EXEMPTED U/S 10 IS OK...

BUT AMOUNT DEPOSITED/CONTRIBUTED TO PPF A/C,
DEDUCTION UNDER WHICH SECTION?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 July 2014 Dear such amount deposited is your investment not your income. So question of exemption does not arise.

Manoj Prasad

Manoj Prasad (Querist)
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08 July 2014 Dear CMA. CS.SANAJY JEE...PLEASE FOLLOW THE BELOW MENTION PATH ON GOOGLE..

http://taxguru.in/income-tax/all-about-deduction-under-section-80c-and-tax-planning.html

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 July 2014 Yes Manoj Ji Deduction for investment in PPF is available u/s 80C. I thought you were asking about amount invested in PPF received on maturity.

It is a well known fact that investment in PPF is eligible for deduction u/s 80 subject to a maximum of Rs 1 lac.