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?
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.
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