Dear All
If a person gets his/her PPF Account transferred from One Branch to Other Branch of same bank what will be Tax Implications.
As the ppf account is getting transferred before maturity, hope No Tax Liability will be created, i.e. it will not be treated as amount withdrawn and deposited in new branch. Also on maturity whole amount will be Tax Exempted.
Please Clarify.
Thanks
PPF account transfer even before its maturity, does't attract any tax liability.
No tax liability.
Thanks Dhirajlal Ji for quick reply.
You are welcome.
Hello Sir
I am salaried employee in a private firm. I have recently switched the job & wish to transfer my accumulated PF amount from PF account to my bank account. Plase suggest the procedure for money transfer & confirm the tax liabilities on this transfer.
It is called withdrawal of your PF account. The taxability depends upon your total years of employment. If below 5 years, it will be taxable.
Suggestion would be to link the PF account to your new employment as the same would help you to build your retirement corpus.
Chirag P Shah & Co. Chartered Accountant
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