Ppf contribution and section 80c

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Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2014 I have a LIC policy of Rs. 65,000 due next February 2015 and I have already made a contribution of Rs. 35,000 in to my PPF account. That fills up my eligible deduction of Rs. 1,00,000 under Section 80C. Now my question is, can I make further contribution to my PPF account even though I do not want any tax exemption for this additional deposit? Up to how much can I contribute to it?

CA Sumit Arora

CA Sumit Arora (Expert)
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22 May 2014 Yes you can deposit any amount to your PPF account but not exceeding Rs. 1,00,000 in any financial year.

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Deepti Asawa

Deepti Asawa (Expert)
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22 May 2014 Yes, You can make further contribution to your PPF a/c.
A maximum deposit of Rs.100000/ can be made in a PPF account in one financial year.

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Querist : Anonymous

Querist : Anonymous (Querist)

22 May 2014 Will these additional deposits and related interests accrued be tax free when I withdraw my total ppf fund after 15 years??

CA Sumit Arora

CA Sumit Arora (Expert)
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22 May 2014 Interest on PPF is totally tax free therefore will not attract tax liability.