Ppf query

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32 Points Posted on 23 October 2013

I have extended my PPF a/c for 5 years in April, 2013. I plan to settle abroad from April, 2014 and will become NRI. 

Now, As per rules, NRI can't open a PPF account, but are allowed to continue existing PPF account till maturity. 

My query is what is the tax implication on the interest earned in the PPF account every year. 

Will I have to infrom the bank about my NRI status .

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On 23 October 2013 at 13:32 Report
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Believe!! Live your dreams!
33521 Points Posted on 23 October 2013

Hi

 

Int. earned in PPF A/c will be taxable to you however since you will be NRI then only Indian income will be taxable & avail Basic exemption of Rs. 2 lac also.

 

In short Int. earned uptot Rs.. 2 lacs will be exempt.

 

Thansk//VaibhavJ

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On 23 October 2013 at 14:35

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