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 ?
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.
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