PF withdrawn for house purchase but deal cancelled. Way forward now?

Tax queries 373 views 1 replies

Dear forum members, this is my first post so do bear with me for any nonconformities.

I was on the verge of buying a house property on resale from a resident Indian, for which a bank loan was essential. The deal was 99% finalized with all requisite due diligence in place both from our side and the bank. As part of the own contribution, I took a 90% withdrawal from my EPFO account (fully online, no physical interaction at all), and the monies were credited within 2 working days.

To my complete misfortune, the very next day the seller cancelled the deal due to a sudden COVID-related death in his immediate family. Now I have no immediate requirement for the PF loan, and with no clear idea when I will be able to zero in on a particular HP again. We took 14 months to choose this particular one as we are very fussy about many aspects.

My queries:

How can I pay it back and by when? 

Can I withdraw it again as and when I choose another HP?

Can members please advise urgently as I am aware of the loss in interest income every day I leave it in my FD accounts (earning only 5%).

Thank you in advance!

Replies (1)
You need to meet your jurisdiction epfo commissioner. you will have to return money to epfo.


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