My son wishes to make a partial withdrawl of his PF accumulation from the EPFO.
Purpose is to repay the Home Loan availed by him from a Public Sector Bank some years ago.
He is employed and has been working with the same organisation for over 15 years.
Question is:
a) Is a PF withdrawal permitted under the PF Rules, for repayment of Home Loan?
b) Would the amount of withdrawl be taxable in his hands?
c) If permitted, would the amount be paid to him by EPFO, or would the payment directly go to the Bank?
d) Which Form is required for this purpose and can it be submitted online?
Your guidance and advise is highly appreciated.
CAclubindia
