PPF Scheme Update: There is great news for those who open PPF account. If you are also going to open an account in Public Provident Fund, then there is great news for you. Now you will get the benefit of double interest.
PPF Scheme Latest Update: There is great news for those who open PPF account. If you are also going to open an account in Public Provident Fund, then there is great news for you. Now you will get the benefit of double interest. Information about this has been given by the government. Even today Public Provident Fund Scheme (ppf scheme) is the best option to invest money.
In this, along with better returns, there will be a huge benefit on maturity. Let us tell you how you will get the benefit of double interest-
Will get discount up to 1.5 lakh
PPF investment has been placed in the EEE category. This means that all three investment, interest and maturity amount are completely tax free. If you invest in PPF scheme, you get a deduction of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
You get the benefit of double interest
If you are married and you open an account in this scheme with your partner, then you can double your investment. In this way you get the benefit of interest on both the accounts.
Know what is the opinion of the expert?
According to the information received from the expert, you have two options for investing in PPF. You can deposit Rs 1.5 lakh in your account and Rs 1.5 lakh in the account opened in the name of your partner. In this way you will get the benefit of double interest on 2 accounts. At the same time, you can also take tax exemption up to Rs 1.5 lakh on any one account. In this case, the limit of your PPF investment will be doubled to 3 lakhs.
Both accounts will be tax free
Whenever you open a PPF account in the name of your partner, both your accounts will be tax free. Along with this, you will get the benefit of interest on both the accounts. Under section 64 of Income Tax, income from any amount or gift given by you to your wife is added to your income.
Married couples will get double benefit
If you are also married then you will get the benefit of double interest in Public Provident Fund Scheme. Explain that when the PPF account of married couples matures, then the income from the initial investment in your partner’s account will be added to your income on a year-by-year basis. This quarter, the government has fixed the rate of 7.1 percent.
