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80C Deduction for PPF Deposit after 15 years in the final year of PPF closure.

Pooja Natu   18 September 2020

Pooja Natu

 1 likes  17 points

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Dear All,

- 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

Sagar Patel
Tax and Business Consultant 
 985 likes  11091 points

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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.

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