I had opened a Public Provident Fund account with the State Bank in September 1991. I want to renew the account on maturity this year for a block of five years. Can I get a loan from this account? In case of emergency, can I close and withdraw full balance anytime during the five years?

Sumit Kumar Debroy, Haltu

Your PPF account has not matured in September this year. The 15-year tenure of a PPF account is calculated on the basis of the financial year in which you had opened the account and not on the basis of calendar year. You had opened the account in September 1991, that is in 1991-92 financial year. Your account will mature on April 1, 2007. Second, though you can renew the account for a block of five years, you can keep the account running post-maturity without making any further deposits for any number of years and still earn an interest of 8 per cent. In such an account, one withdrawal in every financial year is allowed. However, closure of a PPF account and withdrawal of the entire balance is not permitted within the tenure except for the death of the account holder.

It’s a present

I have a house in my name. Recently, I earned a handsome amount from property tenancy. I wish to distribute the income in three equal parts among my husband, myself and our married daughter. What is the best legal procedure?

K. Basu, Jessore Road

Since the property is in your name, the income accrues to you only for which you may have to pay a tax depending on the value of gain. You can distribute the money through a gift deed or will. Gifting to blood relations do not attract gift tax.

Tax returns

I retired from a central government service in May 2002 at the age of 60. Which of the following forms should I use for filing income tax returns for the assessment year 2007-08: 2D, 2E or 2F? Can I claim senior citizen concessions in 2007-08?

A.B. Bhattacharjee, Baguihati

After September this year, Form 2F has been made mandatory for filing personal I-T returns. However, the government is considering some modifications in Form 2F. You will be considered a senior citizen, and can claim benefits thereon, if you have attained the age of 65 in 2006.

If you have any queries about investing or taxes or a high-cost purchase you are planning, mail to: btgraph@abpmail.com, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700001.