If one has a PPF account in Post office. Can he/she deposit 1 Lakh cash in PPF account of post office ?
Hiren Parikh (Training Head) (24 Points)
04 June 2014If one has a PPF account in Post office. Can he/she deposit 1 Lakh cash in PPF account of post office ?
CA Raj Doshi
(Practising CA)
(8733 Points)
Replied 04 June 2014
Avishek Tibrewal
(Chartered Acccountant)
(37 Points)
Replied 11 June 2014
I would Like to correct you on this the section is 40A(3) and not 40A(2).
There is no such retrictions/limit of Rs. 50,000/- on deposit of cash to bank account and post office accounts.
Moreover I would also like to inform you that the PPF account is opened with the PAN number only. So PAN is a pre requisite.
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