Hello, I want to know one-thing if anyone contributed in ppf account till March 2019 and it was matured after that but ppf account get interest until its closed. So interest earned in FY 2019-20 will exempted or not as its already matured and no further contribution is being made in it only interest is being getting added.
3 Replies
Asif Shaikh
(80 Points)
Replied 25 December 2020
Interest received is exempt from tax and there is no tax on the amount received on maturity of the account.
Krishna Chaudhary
(Accountant)
(4531 Points)
Replied 26 December 2020
Exempted if PPF is of minimum term of 5 years
ayusmita
(Tax consultant)
(5885 Points)
Replied 28 December 2020
Ppf have a lock in period of 15 after 15 yrs it mature after maturity either you withdraw and close the account or you can continue with 5 yr lock in period and so the renewal process upto you want with 5 yr lock in period
it's principal amount is deducted as per 80c
and interest is exempted
it's principal amount is deducted as per 80c
and interest is exempted
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