Vishal Khanvilkar (Student) (202 Points)
08 September 2010If an Assesse has invested Certain amount in PPF for A.Y 10-11 and then later closed the PPF account
by withdrawing the whole Amount in the same year i.e A.Y 10-11
Then is the amount invested at the earlier eligible for deduction u/s 80C for A.Y 10-11??
Kamal Jain
(FCA)
(200 Points)
Replied 09 September 2010
PPF Account can't be closed before expiry of 15 years in first place.
However its possible to pay 70,000/- on the eve of 15th year ending and withdraw the entire amount next day i.e. when 15 years getting completed, and claim the full deduction of Rs.70,000/- u/s 80C.
CAclubindia
