Deposited Amount in PPF A/c of HUF

Share
Share This Thread
  1. yashwantb

    yashwantb New Member

    I had opened PPF A/c for HUF some years back & invested every year for tax rebate purpose. Last year I was told that you cannot invest in PPF A/c for HUF. Is this true & if so what are the tax implications on withdrawal of the entire money invested in PPF A/c ?
     
  2. Manoj Mehra

    Manoj Mehra Active Member

    New PPF Accounts for HUF's are not being opened anymore.

    However, existing PPF Account will be allowed to continue and would be closed on expiry fo 15 years from date of opening
     
  3. V K Khanna

    V K Khanna Active Member

    PPF a/c for HUFs opened prior to 13th May 2005 are allowed to continue till its maturity without further extension. After 13.5.2005, PPF a/c for HUFs cannot be opened. If any a/c has been opened after 13.5.2005 by mistake and tax benefits have been availed of, such benefits will be reversed and taxed accordingly.
     
  4. yashwantb

    yashwantb New Member

    Thanks for your reply. Since my HUF PPF A/c was opened prior to 13.05.05, it is valid. So can I claim tax rebate for investment made under PPF A/c for HUF? Also, would like to know if Karta of HUF can invest in the 5 Yr Tax Savings scheme in the Bank for tax rebate?
     
  5. Karan Batra

    Karan Batra Well-Known Member

    1. Yes, you can claim deduction for the amount invested in the PPF Account
    2. The Karta can invest but in this case the deduction would be allowed to the Karta in his individual category but not to the HUF
     
Draft saved Draft deleted
Loading...
Similar Threads Forum Date
Form 26AS Tax Detected and Deposited amount is not matching with actual Detection Income Tax Jun 11, 2016
Amount deposited by HUF in PPF Account of Individual Member Income Tax Jan 29, 2015
Withdrawl of Excess amount deposited in Capital Gains Account Income Tax Oct 28, 2014
Cash Deposited during Demonetisation Income Tax Aug 1, 2017
Cash deposited during the demonitization Income Tax Jul 22, 2017