Have query regarding 80C deduction , I have deposited 1,50,000 in my PPF account in 05-April 2021, but due to some financial needs, I withdraw 2,75,000 from PPF account on 15-Nov 2021 , can I claim 80C deduction of 1,50,000 of amount invested on 05-April 2021 for FY 2021-22
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PPF investment, withdrawal and 80C deduction
Replies (3)
Quick Summary
PPF money received before five years by premature closure or withdrawal is taxed as income. you can avail the benefit of 80c for current previous year,
An account holder can withdraw prematurely, up to a maximum of 50% of the amount that is in the account at the end of the 4th year (preceding the year in which the amount is withdrawn or at the end of the preceding year, whichever is lower). Further, withdrawals can be made only once in a financial year.
Yes you can claim if you have proof for invest, but the withdrawal only allow you low value of PPf in future, so take the deduction without hesitation... premature withdrawal is taxable in PF not in PPF
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