If an Assesse has invested Certain amount in PPF for A.Y 10-11 and then later closed the PPF account
by withdrawing the whole Amount in the same year i.e A.Y 10-11
Then is the amount invested at the earlier eligible for deduction u/s 80C for A.Y 10-11??
PPF Account can't be closed before expiry of 15 years in first place.
However its possible to pay 70,000/- on the eve of 15th year ending and withdraw the entire amount next day i.e. when 15 years getting completed, and claim the full deduction of Rs.70,000/- u/s 80C.
agreed with Kamal Sir
AJAY SINGH AND CO LLP
Thane
CA Final
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CCI
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CAclubindia
