19 October 2010
As per sec 10(11) of income tax act any payment from PPF is exempt.what "payment " means here?is the interest on PPf is included in payment?
20 October 2010
To more clarify, the payment (i.e.deposit) into PPF account is exempted up to Rs. 70000.00 only.
The interest income on PPF deposit amount is also exempt from Income Tax.
And, if I am not wrong, the final amount got at the end of PPF account tenure is also exempt from Income Tax since it is the saving accumulated by the depositor.
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