Tax Rebate on PPF U/s 80 C?

Hello, I wanna ask If i m investing 3000/- p.m. (36,000 yrly) in a post office for 15 years, so I shall get tax rebate of Rs. 36000/- every year till its 15th year or just for 01year?

And the amount will be locked for 15 years or I can withdraw it as per my need.

Tax Rebate on PPF U/s 80 C?
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4 Replies to “Tax Rebate on PPF U/s 80 C?”

  1. you will get rebate on payment basis. means the amount deposited in PPF in the whole year shall be available for benefit every year. there are certain conditions for the withdrawal before the maturity which you can get from the post office.

    Mohit Gupta

  2. investment u/s80c of income tax allows for reducing total income & full amount is not at all a rebate.
    Only amount invested will reduced from taxable income.The assessee will get benefit of investment as per income range & maximum allowable rebate is 30% of total investment up to celling of Rs.1 lac. it may differ from 10% to 30% as per income range.

  3. You will get the tax rebate every year if you are saving 36000 every year…

    Yes, withdrawal is possible within the maturity period, but not before 5 completed financial years of initial subscription. The amount that can be withdrawn under such a situation is limited to 50% of the balance of the credit at the end of 4th year immediately preceding the year in which the amount is withdrawn or the end of the preceding year whichever is lower.

    The minimum deposit amount is Rs 500/- in a Financial Year while the maximum deposit amount is limited to Rs 70,000/-. (but very soon the 70,000 will get changed to Rs. 1,00,000)
    The maximum number of deposits permitted in a Financial Year is limited to 12 transactions, but the amount in each installment may not be the same. The subscription has to be made in multiples of Rs.5/- only.

  4. You can claim rebate U/s 80C upto Rs. 1.00 Lac per annum on payment basis. The locking period is 5 Yaer not 15 Year, you can withdraw the money so deposited before five year. Your account period will be 15 year after 15 year you can withdraw fully money and close account no need for locking period of 5 year on deposied during 11 to 15 year.

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