Singapore cpf interest tax in india

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 March 2013 I worked in hospital admin in Singapore Jul 2003 to Jul 2008. I lost job due to severe economic downturn and had to return to India in Aug 2008. While working in Singapore, I had to contribute every month to the government’s mandatory central provident fund (CPF) from my salary (similar to EPF in India). In Singapore this money is totally tax free when it is paid to you when it is due. The Singapore Govt pays interest about average 3+% every year on the CPF balance in account. Their rules do not allow to withdraw the balance and the interest till age of 55+ years. Money will be due to me soon when I turn 55 yrs.
Since Aug 2008 onwards I am a resident of India, working as part time odd jobs here due to limited opportunities. Recently my mom who is 79 years has been diagonised with breast cancer. I need the money badly for her expensive surgery treatment and medications.

I will appreciate your help to clarify if accrued interest on the Singapore CPF every year will be liable for tax in India. If it is yes then how much and what is tax in India for withdrawing the balance and interest amount and remitting it to a bank account in India.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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22 May 2013 As you do not know how much interest you are getting on your PF in Singapur the interest as accrued is not known. The rule in India is entire amount of PF when released is not taxable so the same may be treated as law applicable to you in India although the same related to Singapore.