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[Cites 0, Cited by 0] [Section 69] [Entire Act]

Union of India - Subsection

Section 69(2A) in Income Tax Rules, 1962

(2A)The withdrawal for the purpose specified in clause (d) of sub-rule (1) of rule 68, by any employee whose pay does not exceed rupees five thousand per month, shall be subject to the following conditions, namely:-
(i)the amount of withdrawal shall not exceed-
(a)the employee's basic wages and dearness allowance for thirty-six months; or
(b)the actual cost of building the house or of purchasing the house or the site or the house and the site; or
(c)the employee's contribution to the fund together with the specified percentage of the employer's contributions to that fund with interest thereon;
whichever is less.Explanation. - For the purposes of sub-clause (c), "specified percentage" means-