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Taxpayers with reverse mortgage loan get I-T benefit

DNMUM425771 | 11/8/2018 | Author : Chirag Nangia | WC :251

Ask the Expert Personal Tax
Personal Finance

I am currently working in India. Since I have got admission for MBA in Singapore I will be moving there soon. Can I continue to contribute to my PPF in India or should I close it? What will be the tax implications? The account is two years old. I had opened it when I started working. —Hrishikesh Khanvilkar
As per the prevailing laws, a person whose residential status changes from Resident Indian to non-resident Indian is allowed to continue his PPF account till its maturity. 
Though, the situation may change as the government in 2017 had issued a notification which provided that PPF account opened by a resident who subsequently turns to non-resident, shall deem to be closed from the date of change of residential status fr
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