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| This query is : Resolved
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Author : Anonymous
( Author )
18 August 2012
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Hi,
i wanted to start a PPF account by depositing cash. wanted to know that is it necessary for anybody to mention the source from where the cash was accumulated and deposited in the PPF account. i am salaried person and my dad is a business man. i will not withdraw the money from my salary account, instead would deposit the cash what i have received in the past and which is not on books of accounts
just in brief, i want to ask can the amount which is not on my books of accounts be used for PPF deposit. i will not be showing any withdrawals from my bank account. experts please advise
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U S Sharma
( Expert )
18 August 2012
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PPF account will not ask for source, but you have to make cash flow statement P/L and balance sheet for your income tax returns, where you have to show that such amount was shown as "cash in hand" in previous year.
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U S Sharma
( Expert )
18 August 2012
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however if such amount is deposited from cash in hand of previous years, then 80C benefit will not be available on such deposit,
to avail 80C, it must be contributed from the taxable income of current year.
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