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Should I Keep My Old PF Account Open?

T S Khurana

T S Khurana   |487 Answers  |Ask -

Tax Expert - Answered on Jan 22, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more
Ratna Question by Ratna on Dec 04, 2024Hindi
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Hi - I worked for a company for about 15+ years and came out in 2017 and started something on my own. My PF account continues to exist with no contributions and interest amount is deposited every year. Questions: 1) Can I continue to keep the account and get the interest deposited till the age of 58. Am currently 50 years old. 2) Is the interest income tax free or taxable? 3) Should I withdraw from the account and invest the funds elsewhere? Please advise. Thank you.

Ans: 01. You may keep your PF Account & earn interest.
02. Interest earned on PF account is tax free, but you have to disclose the same in your ITR.
03. You may withdraw the amount & deposit the same in PPF account, with any bank or Post Office & keep earning interest. This account would be for 15 years & you can get it renewed under certian conditions.
Please note that in case of EPF Interest is not paid after 3 years, if there is no further contribution.
Most welcome for any further clarifications. Thanks
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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