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vish444219
Returning Member

I'm a resident alien for tax purposes. I want to close my PPF account in India. Will I require to pay the taxes on the amount I get after closing the PPF account?

 
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2 Replies

I'm a resident alien for tax purposes. I want to close my PPF account in India. Will I require to pay the taxes on the amount I get after closing the PPF account?

All resident aliens are required to report worldwide income.

 

You will have to report the interest income from PPF in your tax return.

You do not have to report the withdrawal from PPF if you are not taking it out prematurely.

vish444219
Returning Member

I'm a resident alien for tax purposes. I want to close my PPF account in India. Will I require to pay the taxes on the amount I get after closing the PPF account?

okay, thank you! I got some wrong information from some other forums where it mentioned that it will require to pay taxes on the withdrawal amount as well. 

 

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