Epf balance withdrawl

This query is : Resolved

Praveen CP (Querist)
Follow

06 February 2015 HI,

Could anyone suggest if i can withdraw PF balance from EPF organization in the below situation ?

Purpose: construction of house
Property owners : Mother
PF : deposited with EFP (Govt) and not a private trust.
Service in the Co : 5 yrs 1 month
I have not availed this facility before.

As per my research, since the property is not registered in my name or not jointly owed by me/my spouse, i would like to know how my mother can transfer the property to my name.

i do not wish to pay stamp duty charges as it is as high as 8% on the market value, which would cost approx 5L and also i was thinking if i can execute a registered will in my favour , only if it is accepted by my employer/EPF organization.

Need your guidance asap.

Regards
Praveen

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

06 February 2015 Will will not be accepted execute gift deed stamp duty payable will be 2%.

Construction or purchase of a flat, house or plot
Should have completed at least 5 years of service.
The house should be registered in the person’s or his/her spouse’s name or should be owned jointly.
36 times the monthly salary of the individual Once during entire service tenure.