+ Reply to Thread
Results 1 to 8 of 8

Thread: 90% Withdrwal from GPF for the purchase of flat

  1. #1
    Member Dr.I.N.Mukherjee is on a distinguished road
    Join Date
    Dec 2010
    Posts
    44

    Angry 90% Withdrwal from GPF for the purchase of flat

    Some one wants to withdraw 90% from his GPF A/C in the middle of financial year for the purchase of flat. What is meant by balance at credit in the middle of financial year?

    i)Is it the amount as per the Last GPF statement+Amount Deposited thereafter & upto the middle of financial year+Accrued interest on the amount as per the last statement upto the middle of financial year?or
    ii)Is it the amount as per the Last GPF statement+Amount Deposited thereafter & upto the middle of financial year only i.e. there is no provision of calculating & adding accrued interest on the amount as per the last statement in the middle of financial year!

    Pl. reply which one of the above is correct as per the extant rule?

  2. #2
    Senior Member RKPATHAK is an unknown quantity at this point
    Join Date
    Feb 2009
    Location
    Gurgaon
    Posts
    1,019

    Default

    90% of the amount standing one's credit on the date of application is payable as withdrawal from gpf for housing purpose

  3. #3
    Senior Member prasannakumar is on a distinguished road
    Join Date
    Jan 2010
    Location
    Payyanur, Kerala
    Posts
    303

    Default

    Quote Originally Posted by Dr.I.N.Mukherjee View Post
    Some one wants to withdraw 90% from his GPF A/C in the middle of financial year for the purchase of flat. What is meant by balance at credit in the middle of financial year?

    i)Is it the amount as per the Last GPF statement+Amount Deposited thereafter & upto the middle of financial year+Accrued interest on the amount as per the last statement upto the middle of financial year?or
    ii)Is it the amount as per the Last GPF statement+Amount Deposited thereafter & upto the middle of financial year only i.e. there is no provision of calculating & adding accrued interest on the amount as per the last statement in the middle of financial year!

    Pl. reply which one of the above is correct as per the extant rule?
    Balance at credit as per the last statement + deposits (subscriptions + advance) up to the preceding month

    Prasanna Kumar

  4. #4
    Member Dr.I.N.Mukherjee is on a distinguished road
    Join Date
    Dec 2010
    Posts
    44

    Default

    Dear Mr. R.K.Pathak & Mr.Prasanna Kumar ,

    Many thanks for your reply.Pl.intimate whether there is any maximum celing of Rs. 6 Lacs one can withdraw for the 90 % withdrawal from GPF for purchasing of Flat?

    Regards,

    Dr.I.N.Mukherjee

  5. #5
    Senior Member RKPATHAK is an unknown quantity at this point
    Join Date
    Feb 2009
    Location
    Gurgaon
    Posts
    1,019

    Default

    There is no limit to withdraw the amount from GPF only restriction is 90% of the balance in one's credit. In deserving cases interest upto the date of application can also be considered while calculating 90%. However, there are certain restrictions under CCS(Conduct) Rules about acquiring/possession of property by a Govt servant

  6. #6
    Senior Member prasannakumar is on a distinguished road
    Join Date
    Jan 2010
    Location
    Payyanur, Kerala
    Posts
    303

    Default

    Quote Originally Posted by Dr.I.N.Mukherjee View Post
    Dear Mr. R.K.Pathak & Mr.Prasanna Kumar ,

    Many thanks for your reply.Pl.intimate whether there is any maximum celing of Rs. 6 Lacs one can withdraw for the 90 % withdrawal from GPF for purchasing of Flat?

    Regards,

    Dr.I.N.Mukherjee
    There is no limit for final withdrawal. But one has to obtain permission for acquiring the flat or any property (movable or immovable) from authority competent. I have no idea of the ceiling prescribed for each cadre

    Prasanna Kumar
    Last edited by prasannakumar; 02-09-2011 at 01:11 PM.

  7. #7
    Member Dr.I.N.Mukherjee is on a distinguished road
    Join Date
    Dec 2010
    Posts
    44

    Default

    Pl. quote DOPT's rule to this effect i.e. there is no such ceiling of Rs.6 lacs for 90% withdrawal from GPF for the purchase of a Flat.

  8. #8
    Senior Member svsankar is on a distinguished road
    Join Date
    Jul 2009
    Location
    Yeddumailaram, Medak
    Posts
    157

    Default

    Rule 16(1)(iii) of GPF(CS) Rules, 1960...is the authority...but if you will go through the sanction format para 4...it states that withdrawals for house building purposes from all sources including GPF should not exceed the limits laid down by govt. of india from time to time...ie. 134 times of basic pay subject minium 7.5 lakhs maximum 18 lakhs..authority refer HBA rules...find your entitlement...

+ Reply to Thread

Similar Threads

  1. Replies: 1
    Last Post: 07-05-2011, 09:14 PM
  2. GPF loan for purchase of garage
    By miqal in forum GPF
    Replies: 0
    Last Post: 05-03-2011, 12:00 AM
  3. Replies: 0
    Last Post: 31-01-2011, 05:08 PM
  4. Replies: 2
    Last Post: 20-07-2010, 03:46 PM
  5. Cost ceiling of flat the govt. employee can buy
    By pk9591 in forum Other Service Matters
    Replies: 4
    Last Post: 15-05-2009, 10:34 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts