I’ll flip 57 quickly. I’ve been a member of the Employees’ Provident Fund (EPF) since October 1986. I labored in a single firm for 31 years and was jobless for 45 days earlier than I joined one other firm. After working there for 3 years, I resigned in March. I’ve transferred my corpus from the primary firm to the second, the place the PF is managed by a belief. For how lengthy can I hold my corpus with the corporate if I don’t be part of one other job? Can the employer drive me to withdraw the cash instantly? Can I hold it for 36 months with none additional contribution and nonetheless get curiosity on the corpus?
—Srinivas
As per present provisions of the Indian PF legislation, there is no such thing as a higher time restrict prescribed for preserving the PF account along with your earlier employer and the identical could also be continued to be maintained. However, a PF account turns into inoperative and doesn’t earn additional curiosity when an worker retires from service after attaining the age of 55 years or migrates overseas completely or dies and doesn’t apply for withdrawal of his accrued steadiness inside 36 months. Until such time, curiosity will proceed to accrue on the PF steadiness. In your case, you’ve got ceased employment after finishing 55 years of age and no contributions have been made thereafter. Therefore, you must be capable of earn curiosity within the PF account as much as 36 months from the date of leaving your earlier job.
However, as your corpus is maintained with the non-public PF belief of your employer, particular guidelines of the belief deed would should be additional reviewed to touch upon the implications in your case.
Are items by married/single daughters to their mother and father taxable?
—Vinod Kumar
Where a present is obtained by the mother and father from a specified relative (i.e. daughter), the transaction of the present itself is not going to give rise to any revenue tax implications within the fingers of each the receiver and the daughter. It could be advisable for any such present to be documented in a authorized doc viz. a present deed and positioned on file. Also, relying on the belongings being gifted, stamp obligation implications may should be examined individually.
Parizad Sirwalla is associate and head, international mobility companies, tax, KPMG in India.
Subscribe to Mint Newsletters * Enter a legitimate electronic mail * Thank you for subscribing to our publication.
Never miss a narrative! Stay linked and knowledgeable with Mint.
Download
our App Now!!
