Income tax on fixed deposit
This query is : Resolved
18 August 2016
Hi,
My sister is house wife and does not have any income. She got about 20 lakhs from parents as gift.
Can she deposit in any nationalized bank and avail tax free benefit. What is the procedure to be followed?
Thanks
My sister is house wife and does not have any income. She got about 20 lakhs from parents as gift.
Can she deposit in any nationalized bank and avail tax free benefit. What is the procedure to be followed?
Thanks
19 August 2016
She can deposit the money in the nationalized bank. If the interest during the year is less than Rs.250000, you have to fill form 15G or 15H (for senior citizen) requesting bank not to deduct TDS on the interest earned during the year.
19 August 2016
Mam, thanks for the reply. One more query, whether she needs to have PAN for opening FD.
19 August 2016
Any deposit more than Rs.50000 needs PAN. In your case, she needs PAN for opening FD
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
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Import license renewal
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- 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
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
