No time limit for safeguarding PF account with earlier employer

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I will flip 57 rapidly. I have 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 utterly completely different firm. After working there for 3 years, I resigned in March. I’ve transferred my corpus from the first firm to the second, the place the PF is managed by a notion. For the easiest way via which prolonged can I maintain my corpus with the company if I don’t be part of one utterly completely different job? Can the employer vitality me to withdraw the money immediately? Can I maintain it for 36 months with none further contribution and nonetheless get curiosity on the corpus?

—Srinivas

As per present provisions of the Indian PF regulation, there is no elevated time limit prescribed for safeguarding the PF account alongside alongside collectively along with your earlier employer and the equal might be continued to be maintained. Nonetheless, a PF account turns into inoperative and would not earn further curiosity when an employee retires from service after attaining the age of 55 years or migrates abroad completely or dies and would not 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, chances are high you may need ceased employment after ending 55 years of age and no contributions have been made thereafter. Subsequently, it is very important have the power to earn curiosity contained within the PF account as hundreds as 36 months from the date of leaving your earlier job.

Nonetheless, as your corpus is maintained with the non-public PF notion of your employer, explicit pointers of the assumption deed would must be further reviewed to the contact upon the implications in your case.

Are objects by married/single daughters to their dad and mother taxable?

—Vinod Kumar

The place a gift is acquired by the dad and mother from a specified relative (i.e. daughter), the transaction of the reward itself isn’t going to produce rise to any income tax implications contained within the palms of every the receiver and the daughter. It is vulnerable to be advisable for any such reward to be documented in a permitted doc viz. a gift deed and positioned on report. Moreover, counting on the belongings being gifted, stamp obligation implications might must be examined individually.

Parizad Sirwalla is confederate and head, world mobility firms, tax, KPMG in India.

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