FD limit for senior citizen
This query is : Resolved
15 July 2024
Hello Sir,
I am Salaried person and coming in 30% tax slab.
My mom is pensioner and her income is not taxable . We are filling ITR for my MON from last 8 years.
I have Open FD (of very Good amount) on my mom name with her bank name. Because of 2 reason to get more interest rate for senior citizen and to save some tax on FD Interest (30 % vs 0 or 5% as income is not taxable).
But I have some where heard that if you open FD more than 10 L in 1 calendar year then income tax may send notice to you and ask source of Fund.
In My case will it cause any issue ? If such notice receive to my Mom can we tell this amount transfer from account holder's son ?
I am Salaried person and coming in 30% tax slab.
My mom is pensioner and her income is not taxable . We are filling ITR for my MON from last 8 years.
I have Open FD (of very Good amount) on my mom name with her bank name. Because of 2 reason to get more interest rate for senior citizen and to save some tax on FD Interest (30 % vs 0 or 5% as income is not taxable).
But I have some where heard that if you open FD more than 10 L in 1 calendar year then income tax may send notice to you and ask source of Fund.
In My case will it cause any issue ? If such notice receive to my Mom can we tell this amount transfer from account holder's son ?
15 July 2024
Yes, possibility of query being raised by ITD. You can reply to it by submitting bank transfer details.
15 July 2024
Thank you sir for your reply. So I got, we can mentioned below answer for reply
1. Money received from son for open FD to get more interest rate (0.5%)
2. attach bank transfer details.
1. Money received from son for open FD to get more interest rate (0.5%)
2. attach bank transfer details.
15 July 2024
1. Money gifted by son to mother is enough
2. Yes.
2. Yes.
Message likes :
1 times
25 August 2024
You are welcome.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Refund of AY 22-23
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Inventory of finished goods
- TDR receipts for agreement holder
- Confusion around Form 26QB fields
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Refund AY 2012-13 and 2013-14
- DIRECT TAX CODE 2025
- MODEL FILLED AUDIT REPORT FOR TRUSTS IN FORM 10B
- 115TD on cancellation of 12A 80G Registration
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
