If one has a PPF account in Post office. Can he/she deposit 1 Lakh cash in PPF account of post office ?
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Cash deposit in ppf account
Replies (2)
I think yes it is possible to deposit 1 lakh cash. However better to deposit 50K each in 2 days.Accordingly , no disallowance under 40A ( 2 ) and no requirement for furnishing PAN for deposit exceeding 50K. However, do wait for other members to comment.
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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