Cash deposit in PPF
This query is : Resolved
Quick Summary
16 June 2021
A women has received payment in cash Rs. 50,000 for religious teachings which is her Income from other sources. She deposited cash in PPF Account. Does she have to report it under the head as income from other sources in her Income Tax Return. Thanks 🙏🏻
Ganeshbabu K
(Expert)
16 June 2021
Yes she need to disclose her income in other sources and investment in PPF can be claimed as DEDUCTION AS per 80C
Gokul Sharma
(Expert)
16 June 2021
YES ....IF IT IS INCOME THEN SHOULD BE REPORTED IF FILLING IS RETURN IS MANDATORY.
21 June 2021
Thanks... but need to clarify that instead of depositing cash first in her savings account she has directly deposited cash in PPF account. Does she still need to show in her Income from other sources?
Dhirajlal Rambhia
(Expert)
21 October 2021
Yes, the source of cash remains same, whether deposited to savings account or PPF account.
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