PF withdrawal

[p ratna]

HI,

I have withdrawn my epf money recently. I am unemployed and withdrawn money after completing 6 years of continuous service in 2 organizations in total. one organization I served for 5.1 year and other I served for 1.1 year. I withdrawn money after 2 years of leaving organization and have no income in this financial year.Amount withdrawn is above 5 lakhs. I wanted to know will I be liable to pay taxes on this withdrawn money? Also, are there any other schemes where I can put this money and avoid tax. I stopped getting intrest on pf account as one of my account got dormant and hence withdrawn. Please let me know whether I am supposed to pay taxes on this pf withdrawn amount?

AI Summary

Is EPF withdrawal over 5 lakhs taxable after 2 years of unemployment? Explore investment options to avoid taxes. An individual inquired about the tax implications of withdrawing over 5 lakhs from their Employee Provident Fund (EPF) after being unemployed and leaving two organizations where they served a total of 6 years. The withdrawal occurred two years post-employment, and the individual has no income in the current financial year. They seek advice on whether the withdrawn amount is taxable and if there are any schemes available to invest the money to avoid taxes, given that interest on their dormant PF account had ceased.