PPF deposit
if someone have 2 PPF account one for self and other for minor child..he deposited 1.5 lacs in both account..maximum deduction claimed is 1.5 lac..my question is interest on both account is exempt or not???is there any tax liability arises at the time of maturity???
Replies (1)
You cannot deposit ₹1.5 lakh in both accounts; the combined annual limit is ₹1.5 lakh. Deposits exceeding this limit will not earn interest or qualify for tax benefits. While PPF interest and maturity proceeds are tax-exempt, you should ensure your total contributions across both accounts do not exceed the annual ₹1.5 lakh cap to remain compliant with government regulations.
Recent Topics :
- Pan surrender via online
- EPFO Portal Issue – Unable to Save Employee
- Plant & Machinary
- ITC reversal after supplier amended the recipient
- GIFTS TO USEFUL CONTACTS ON FESTIVALS INCOME TAX
- INTEREST ON REFUND OF TDS
- Input tax claim related
- User not found in MCA portal
- GST RATE ON FILM PRODUCTION
- Section 54
Related Topics :
CAclubindia
