26 April 2008
As pre section 80C payment to Public provident fund upto 70000 is exempt for one year. In PPF a/c one withdrawal allowable is permitted for one year from 7th year.
If one make deposit Rs.10000 and withdraw 12000 from the PPF a/c during one calander year say financial year 2007-08, can he claim 80C exemption. Whether withdrawal from PPF a/c is taxable or not?
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