Amount of ₹7,00,000 withdrawn by Mr. Rajesh, a resident individual, from Public Provident Fund as per relevant rules.
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2017
Amount of ₹7,00,000 withdrawn by Mr. Rajesh, a resident individual, from Public Provident Fund as per relevant rules.
Answer & Explanation:
Amount withdrawn from Public Provident Fund 'PPF' is exempt under section 10(11). Therefore, amount of ₹7,00,000 withdrawn by Mr. Rajesh, a resident individual, from PPF in accordance with rules is exempt from tax.
Topics: Income Tax Act, 1961
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