No time restrict for safeguarding PF account with earlier employer

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I’m going to flip 57 quickly. I’ve been a member of the Staff’ Provident Fund (EPF) since October 1986. I labored in a single company for 31 years and was jobless for 45 days before I joined one completely different company. After working there for 3 years, I resigned in March. I’ve transferred my corpus from the primary company to the second, the place the PF is managed by a notion. For the best way through which extended can I hold my corpus with the corporate if I don’t be a part of one completely different job? Can the employer vitality 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 current provisions of the Indian PF regulation, there isn’t any elevated time restrict prescribed for safeguarding the PF account alongside alongside together with your earlier employer and the equal can be continued to be maintained. Nonetheless, 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 absolutely or dies and doesn’t apply for withdrawal of his accrued steadiness inside 36 months. Till such time, curiosity will proceed to accrue on the PF steadiness. In your case, chances are you’ll want ceased employment after ending 55 years of age and no contributions have been made thereafter. Subsequently, it is important to have the facility to earn curiosity contained in the PF account as loads as 36 months from the date of leaving your earlier job.

Nonetheless, as your corpus is maintained with the personal PF notion of your employer, particular pointers of the belief deed would ought to be additional reviewed to the contact upon the implications in your case.

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

—Vinod Kumar

The place a present is acquired by the dad and mom from a specified relative (i.e. daughter), the transaction of the reward itself is not going to supply rise to any revenue tax implications contained in the palms of each the receiver and the daughter. It’s prone to be advisable for any such reward to be documented in a permitted doc viz. a present deed and positioned on report. Furthermore, relying on the belongings being gifted, stamp obligation implications may ought to be examined individually.

Parizad Sirwalla is accomplice and head, world mobility companies, tax, KPMG in India.

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