PF amount
This query is : Resolved
14 December 2010
Hi,
I am moving to a new organization after serving more than 5 years in the present company. I want to withdraw my PF balance and re-invest the whole balance in the in PF account of new employer.
My queries are :
1. Can I claim 80C deduction again this for the re-invested PF balance?
2. For tax perspective, which is the better option. Withdrawal of PF balance or transfer of balance to new employer.
I am moving to a new organization after serving more than 5 years in the present company. I want to withdraw my PF balance and re-invest the whole balance in the in PF account of new employer.
My queries are :
1. Can I claim 80C deduction again this for the re-invested PF balance?
2. For tax perspective, which is the better option. Withdrawal of PF balance or transfer of balance to new employer.
14 December 2010
1. Yes.. You can get the 80C benefit.
2. For taxation... it won't make any difference, whether you transfer or withdraw your PF. But, keeping the point no. 1 in view, you can use the tax free available funds for 80C benefit.
2. For taxation... it won't make any difference, whether you transfer or withdraw your PF. But, keeping the point no. 1 in view, you can use the tax free available funds for 80C benefit.
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