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An amendment to earlier rules allowing NRIs to invest in PPF was proposed in the 2018 Finance Bill, but has not yet been approved. [ 5 ] In October 2017, a notification was passed by the Ministry of Finance regarding an amendment to the PPF scheme of 1968, which would deem a PPF account closed from the day a person became a non-resident. [ 6 ]
[1] [2] They offer tax benefits under the Section 80C of Income Tax Act 1961. [3] ELSSes can be invested using both SIP ( Systematic Investment Plan ) and lump sums investment options. [ 4 ] [ 5 ] [ 6 ] There is a three years lock-in period, and thus has better liquidity compared to other options like NSC and Public Provident Fund . [ 7 ]
Many states have adopted an optional provision to limit the spending to 7% unless the board can show that the spending meets UPMIFA's standards of prudence. This board-approved spending policy must be based on the average market value of the endowment investments over the 12 quarters (or more) immediately preceding the calculation.
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The total amount that can be exempted from the taxable income for section 80C is capped at a maximum of INR 150,000. [30] The exemptions are eligible for individuals (Indian citizens) or Hindu Undivided Family (HUF). Apart from tax benefit under section 80C, in India, a policy holder is entitled for a tax exemption on the death benefit received ...
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