Sir,
On exit from NPS, at 60 years of age, entire corpus can be drawn lump sum if amount less than or equal to Rs 2 lakhs. What is the taxability of this amount on withdrawal?
3 Replies
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 06 December 2020
You can not withdrawn entire corpus, only 60% allowed to withdraw
NARENDER BHATI
(42 Points)
Replied 06 December 2020
Sir,
The entire corpus can be drawn if it is less than or equal to Rs 2 lakhs, no need to buy annuity from ASP. I am in the process of withdrawal. What is the taxability of this corpus?
JATINDER KUMAR
(Accountant)
(3662 Points)
Replied 06 December 2020
Mr. Narender Bhati Ji
You can withdraw entire corpus upto Rs. 2 Lacs from NPS after closure of account.
No Tax payable on corpus withdrawal (Exempt under Income Tax)
You can withdraw entire corpus upto Rs. 2 Lacs from NPS after closure of account.
No Tax payable on corpus withdrawal (Exempt under Income Tax)
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