Credit to NRO account from PPF account
This query is : Resolved
05 October 2023
Sir,
How the amount credited on maturity of PPF A/c to NRO A/c will be treated under Income tax rukes!
The PPF account was opened as Resident Indian but after few years the status changed to NRI.
Would appreciate kind advice!
How the amount credited on maturity of PPF A/c to NRO A/c will be treated under Income tax rukes!
The PPF account was opened as Resident Indian but after few years the status changed to NRI.
Would appreciate kind advice!
05 October 2023
It's exempt from tax.
05 October 2023
Thank You for the prompt response! However what happens if the PPF account is closed prematurely in view of the NRI status? Still 2 Years remain for maturity! Kindly advise!
05 October 2023
You can keep it till maturity.
05 October 2023
Noted your kind advice but how much tax will have to be paid on maturity when the proceeds are credited to NRO Account?
Thank You Sir!
Thank You Sir!
06 October 2023
No tax payable when proceeds credited to NRO account.
07 October 2023
Thank You Sir for your kind advice!
07 October 2023
You are welcome.
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