Pooja Natu 18 September 2020
- If a person had opened a PPF A/c in February, 1994.
- Renewed the account for tenure of 5 years twice.
- And finally closed the account in January, 2020.
- In FY 2019-20 he deposited sum of 1.5 lacs and in the same year the account was closed.
Will that assessee still get exemption under 80C for FY 2019-20?
Sagar Patel (Tax and Business Consultant) 18 September 2020
Yes, if he deposited sum of 1.5 lacs in F.Y 2019-20 than he is eligible to get Deduction of same u/s 80C in F.Y 2019-20...It doesn't matter whether Account being closed.