Saturday, January 15, 2011

NO PPF ACCOUNT FOR HUF

In a notification issued on December 7, the government said a PPF account opened on behalf
of a Hindu Undivided Family (HUF) prior to May 13, 2005, be closed after expiry of 15 years from
the end of the year in which the initial subscription was made. The notification came into effect from
the date of issue. The move is aimed to check the misuse as several people invested in PPF to earn
eight per cent tax-free return as an individual as well as an HUF.

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