Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Ppf exemption rule

Neha Panwar (Student CA IPC / IPCC) (117 Points)

02 January 2020

hello sir,

I want to knw .. for which financial year i will the benefit of deduction of PPF.?
even i after the completion of 15yrs of ppf, i don't withdraw the amount, can i take the deduction of ppf.

thank u

Reply
Follow
Share

6 Replies

rama krishnan (12239 Points)
Replied 03 January 2020

PPF contribution can be claimed as deduction for the amount that has been contributed during the relevant financial year pertaining to the assessment year

Upgrade to CAclubindia Pro. Subscribe Now!

Kapadia Pravin (17259 Points)
Replied 03 January 2020

After 15 years, you have to apply for extension of PPF A/c for further 5 years. You can apply for extension belatedly also.

The deposit into PpF Account after 15 years will qualify for 80C deduction. (As long as your account is not closed)

Neha Panwar (Student CA IPC / IPCC) (117 Points)
Replied 03 January 2020

Thank u soo much sir...
Income tax has nothing to do with the year in which it got matured... if i invest for 15 years but withdraw my amount from ppf account after 20 year... inbetween 5yrs i did not invest any single penny then deduction can't be claimed..?