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RajaTagu

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I have become NRI. When I was resident Indian I have opened PPF a/c can I deposit RS.... Read full message

3.03 AM Nov 8th 2009 | Track | Tracked by : 1 boarders

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RajaTagu

Silver Member

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I have become NRI. When I was resident Indian I have opened PPF a/c can I deposit RS.70000 every year in same ppf account can avail tax benefit under section 88

3.03 AM Nov 8th 2009

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subasu

Platinum Member

236 Followers

Opened PPF accounts can be continued. However, NRIs cannot open new PPF accounts.

Therefore, you can deposit rs. 70,000 every year and get the benefit of Sec. 88 too.

The situation MAY change w.e.f. 1.4.2011 when the Direct Tax Code (at draft stage now) comes into effect.

12.05 PM Nov 8th 2009

ashalanshu

Platinum Member

189 Followers

Dear Raja Tagu, U can continue ur PPF aact. till completion of first 15 years or ur current block of 5 years of extension if opted for after 15 years of acct.

Once 15Y or the block of 5Y extension completes, u can`t extend ur PPF account.

U may make fresh investment of 70K yly & may claim tax benefit on ur indian taxable income if any.

Thanks

Ashal

9.10 PM Nov 8th 2009 |