hello sir,
I want to knw .. for which financial year i will the benefit of deduction of PPF.?
even i after the completion of 15yrs of ppf, i don't withdraw the amount, can i take the deduction of ppf.
thank u
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Ppf exemption rule
Replies (6)
Quick Summary
PPF contribution can be claimed as deduction for the amount that has been contributed during the relevant financial year pertaining to the assessment year
After 15 years, you have to apply for extension of PPF A/c for further 5 years. You can apply for extension belatedly also.
The deposit into PpF Account after 15 years will qualify for 80C deduction. (As long as your account is not closed)
The deposit into PpF Account after 15 years will qualify for 80C deduction. (As long as your account is not closed)
Thank u soo much sir...
Income tax has nothing to do with the year in which it got matured... if i invest for 15 years but withdraw my amount from ppf account after 20 year... inbetween 5yrs i did not invest any single penny then deduction can't be claimed..?
Income tax has nothing to do with the year in which it got matured... if i invest for 15 years but withdraw my amount from ppf account after 20 year... inbetween 5yrs i did not invest any single penny then deduction can't be claimed..?
Minimum amount Rs 500/- per year is to be deposited mandatorily during extended period
If you don't invest during the period, then you can't claim deduction
Thank u soo much everyone for clarifying my doubts
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