WHether 80C deduction is available for Investment in PPF to a Non Resident foreign Citizen?
Pls reply urgent
Thanks
2 Replies
Tehsinkhan Pathan
(CA CMA DISA(ICAI) B.COM)
(3956 Points)
Replied 31 July 2012
Yes, since under section - 80C , eligible assessee are only individual and HUF.
Here the word is only individual that means both resident and non resident covered.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 06 August 2012
Dear Prakash, an NRI is not eligible for investing in PPF in India. Hence he cannot make any investments. If he was an Resident at the time of opening the PPF A/c & subsequantly he becomes an NRI, then he cannot renew the PPF account at teh expiry after he becomes an NRI.
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