Tax on PPF

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  1. Sir
    My query is like this

    My daughter has a PPF account in SBI in 1992. She moved to USA in 1997 for studies and continued there . The PPF account is being subscribed in INR by her through me . The account is now 24 years plus and she wants to close and take the money to USA She has a NRE a/c here in india.
    1 Please guide us as to what are various options open to us. What is the procedure to close the a/c
    2 She is likely to visit India in India in August
    3 How should she ask the bank to make the payment to her
    4How the money can be converted to US $ and whether the money can be deposited in her NRE
    5What is max amount that she can give as Gift to her mother and father and what will be the tax implications for the donor and the donee?
    6 What is the way to minimise/but not avoid the tax. whether she should withdraw in installments?
    7 I wont advise her to deposit the cheque in her NRO because of heavy tax there There should be some legal way to do ?
     
  2. Chandrashekar M

    Chandrashekar M Active Member

    Sir, Please visit this link
    http://incometaxdoubts.wordpress.com
    Click >> Menu >> Investments >>
    Please read my article under the head
    " Public Providend funds (PPF) of NRI"

    Regards
    Chandrashekar
     
  3. Dear mr Chandrashekhar
    I should like to thank you for your response and educating me Sir will you please also advise as to how the NRI can transfer or remit the PPF proceeds Abroad or alternately can he ask the bank maintaining the NRE a/c to convert in US currency and credit into the same . Also whether the bank maintaing the PPF account can be asked to convert into US dollars and then repay the PPF proceeds. I am afraid the banks will either not be knowing the NRI rules or will try to tick off (the easiest way) or will harras. Can you please guide the protection against this usual way of working of our banks
    regads
    V K Mittal
     
  4. Dear mr Chandrashekhar
    I should like to thank you for your response and educating me Sir will you please also advise as to how the NRI can transfer or remit the PPF proceeds Abroad or alternately can he ask the bank maintaining the NRE a/c to convert in US currency and credit into the same . Also whether the bank maintaing the PPF account can be asked to convert into US dollars and then repay the PPF proceeds. I am afraid the banks will either not be knowing the NRI rules or will try to tick off (the easiest way) or will harras. Can you please guide the protection against this usual way of working of our banks
    regads
    V K Mittal
     
  5. Chandrashekar M

    Chandrashekar M Active Member

    For Re-patriation procedure from NRE account, Please visit the link

    http://incometaxdoubts.wordpress.com
    Click -- Menu -- NRI -- Public Providend funds (PPF) of NRI

    - Regards
    Chandrashekar
     
    Last edited: Apr 22, 2016
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