17 February 2010
sir I AM CONTRIBUTING 70K IN EACH OF THE FOLLOWING ACCOUNT 1. SELF 70K 2. WIFE 7OK 3. MINOR SON 70K 4.MINOR DAUGHTER 70K ON MATURITY OF ALL THESE ACCOUNT AFTER 15 YEARS WHAT WILL BE THE TAX IMPLICATION AND CLUBBING PROVISION. IS THIS LEGELLAY OK THANKS
17 February 2010
It is perfectly legal. But following points needs your attention:
1. The deduction under section 80C with respect to the PPF will be limited to Rs 100000 /- in a FY. 2. The Interest on PPF is exempt from Tax. 3. The amount withdrawn on matuarity is also exempt from tax.
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