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PF Withdrawal: 7 years of job should be completed only then you will be able to withdraw PF money for marriage

If you want to buy a house or buy land for the house, then you can withdraw PF money. For buying land, 24 times the monthly basic salary and DA can be withdrawn as PF money.

Know under what circumstances you can withdraw pfa money

You cannot withdraw the Provident Fund (PF) money only when you want. There is a special rule for withdrawing PF money. There are some special conditions which are followed only then PF money can be withdrawn prematurely. This is called partial withdrawal of EPF balance. If you want to withdraw the entire amount of PF, then it is necessary to follow its rules. If a person leaves one company and goes to another company, then he cannot withdraw the full amount of PF. If he remains unemployed for two months after leaving the job, then he can withdraw the entire money.

Let us know about some such terms. The highest withdrawal in PF is seen for medical expenses. This time in the Corona epidemic, the government has made special provisions for this. The government has given permission to withdraw PF money in advance. If PF money has to be withdrawn for medical expenses, then up to 6 times the monthly basic salary or the entire share of the employee plus interest can be withdrawn. Whichever is less of these two, is allowed to be removed. There is no specific rule for the duration of the job. Money can be withdrawn for the treatment of self, wife or husband, child or parents.

How much money can I withdraw for marriage?

The same rule holds for marriage. You can make partial withdrawal of PF money for marriage. From your side, ie as an employee, you can withdraw 50 percent of the EPF of the amount you have deposited. However, there is a condition in this that 7 years of your service should be completed. Be it your own marriage or son-daughter or brother-sister, you can withdraw PF money for any such event.

There is a separate account of the cost of education

EPF also allows partial or premature withdrawal for study expenses. You can withdraw up to 50 percent of the amount you have deposited in EPF as an employee for education expenses. For this also the job requirement is 7 years. Half of the EPF (deposited by the employee) can be withdrawn for studies only after working for 7 years. This money can be withdrawn for his own education or for his expenses if the child has passed matriculation.

What help do you get for buying a home?

If you want to buy a house or buy land for the house, then you can withdraw PF money. For buying land, 24 times the monthly basic salary and DA can be withdrawn as PF money. You can withdraw 36 times the monthly basic salary and DA to buy a house. For this, it is necessary to complete 5 years of service.

The land on which the house is to be built should be in the name of the EPF employee or in the name of the wife or husband in the joint. During the entire job, EPF money can be withdrawn for the house only once. The construction of the house should start within 6 months of withdrawing money from PF and should be completed in 12 months.

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