Ppf withdrawal
This query is : Resolved
18 July 2013
Hi all,
My client has withdrawn 78250 from his ppf a/c. Is such withdrawal taxable or exempt. Please clarify with reasons for ur answers.
My client has withdrawn 78250 from his ppf a/c. Is such withdrawal taxable or exempt. Please clarify with reasons for ur answers.
Ganeshbabu K
(Expert)
18 July 2013
1)Deposits in a PPF account qualify for a deduction under section 80C.
2)Furthermore, the entire maturity amount including the interest is non-taxable.Sec.10(11)
3)Not only is the interest earned tax free, PPF deposits are exempt from wealth tax too.
Thanks & regards
Ganesh babu k
2)Furthermore, the entire maturity amount including the interest is non-taxable.Sec.10(11)
3)Not only is the interest earned tax free, PPF deposits are exempt from wealth tax too.
Thanks & regards
Ganesh babu k
18 July 2013
Author has asked about ppf withdrawal's tax implication?
withdrawal from ppf a/c is not taxable as it is not an income as per sec 2(24).
withdrawal from ppf a/c is not taxable as it is not an income as per sec 2(24).
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