Deduction of investments out of exempt income
This query is : Resolved
26 March 2017
Hello,
My query is that if an individual ,who is receiving interest on investment in public provident fund (PPF) , invests the interest in the PPF then whether deduction of such an investment will be allowable u/s 80C?
26 March 2017
Yes allowable because investment u/s.80C need not be out of taxable income.
28 March 2017
thank you , sir
24 October 2021
PPF interest is already accrued to account, it is not considered as fresh investment for 80C deduction.
25 October 2021
I stand corrected, if the query is not edited subsequne to my answer.
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25 October 2021
Yes. Edition to the query after reply cannot be ruled out. That creates wrong impression to future google surfer having similar query. My intention was to give correct picture for such knowledge seeker. Good wishes....
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