public provident fund.

This query is : Resolved

Deepak (Querist)
Follow

24 February 2011 pl.tell me that
can huf in restricted to deposited the amount on PPF a/c.and
whether it is taxable if ppf amount withdrawal before maturity period.?

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

24 February 2011 the restriction amount for PPF is Min : Rs. 500 p.a & max 70000/- p.a

Not taxable..

CMA. Subhash Kumar Jha

CMA. Subhash Kumar Jha (Expert)
Follow

24 February 2011 in any case you can not withdraw before the completion of 1st 6 years of PPF account.

Upgrade to CAclubindia Pro. Subscribe Now!

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

24 February 2011 PPF account in name of HUF were discontinued from 13.05.2005. Now the government has decided that all accounts opened in name of HUF shall be compulsorily closed as per notification F.No. F.7/4/2008-NS.II dated 7th December, 2010 issued by the Ministry of finance, Department of Economic Affairs.

Thus, old PPF accounts standing in name of HUF who have completed fifteen years since close of the financial year in which first subscription / deposit was made shall be compulsorily closed on 31st march 2011. In respect of accounts for which such period of fifteen years is not yet over, they shall also be compulsorily closed after expiry of period of such fifteen years.