Budget 2016-provision for taxation of pf at the time of reti

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v.l.narasimhan

v.l.narasimhan (Querist)
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01 March 2016 RECENT BUDGET CONTAINS PROVISION FOR TAXATION OF PF ACCUMULATION @60% OF CORPUS BUILT FROM EMPLOYEE'S CONTRIBUTION AFTER 1.04.2016 AT THE TIME OF WITHDRAWAL/RETIREMENT. THIS IS BASED ON EXEMPT EXEMPT TAX (EET)
SUPPOSE IF AN INVESTOR HAS NOT CLAIMED TAX BENEFIT UNDER 80C-BECAUSE HE EXHAUSTED RS 1.5 LAKH TAX EXEMPTION LIMIT THROUGH OTHER INSTRUMENTS LIKE PRINCIPAL OF HOUSING LOAN,INSURANCE POLICIES,TUITION FEES OF CHILDREN-IT WILL AMOUNT TO DOUBLE TAXATION. WHETHER IT IS EXEMPTED UNDER THE ABOVE CIRCUMSTANCES
I REQUEST EXPERTS TO CLARRIFY
V.L.NARASIMHAN BCOM,ACA

ALOK GOEL

ALOK GOEL (Expert)
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04 March 2016 The EPF + LIC+ PPF+TUTION FEE are Limited to 1.5 lakhs under 80C for tax exemption. If you donot touch your EPF then no double taxation.

Our other collegues can also give their views on this as EPF withdrwals are not very clearly defined .

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v.l.narasimhan

v.l.narasimhan (Querist)
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05 March 2016 sir,
i have clearly asked if i do not include EPF single paise IN 80C, During my life time,whether it is taxable at the time of retirement / withdrawal since iam filling 80c with housing principal of Rs 1 lakhs, tuition fees of Rs75000/-,LIC premium of Rs50000 during my life tenure.Sec 80C is having lot of cafeteria items exhaustively & not only EPF

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