What is the meaning of "estimated total income" in 15h ?

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Rajan Singhal (Querist)
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28 July 2013 My Mother is 64 years old. For example Her approx. income for FY 2013-14 will be as follows: -
Intt. income from deposits in Bank - 1,60,000/-.
Post Office MIS Intt. 36,000/-.
Interest From Deposits in NBFC Company - 2,20,000/-.
LIC Pension Scheme Income - 24,000/-.
NSC Accrued Intt. - 10,000/-.
So the total Income will be around 4,50,000/-. Let us say She has also taken loan from me of about 35,00,000/- My Question is if she transfers 1,00,000/- to me from her intt. income and bring her total income down to 3,50,000/-. Further she makes investment of rs 90,000/- in 80C and 10,000/- in 80D so that her income tax is nil then can she give 15H to Bank/Company where she is having said deposits

I read in new 15H for FY 2013-14 that only TAX should be nil on total estimated income ie if income doesnot exceeds 2,50,000 + 1,00,000 of 80C (if one has made any such investments) + 80D Investments etc. IS this correct ?

Further, in 15G for the FY 2013-14 tax should be nil and income from Shares/Securities/Dividends/Mutual Funds/Intt on Deposits/NSC Withdrawal must not exceed 2,00,000/- IS this correct ?

My other concern is that if she is transferring some intt. to me for the loan which i have given to her will section 60 of income tax act of 1961 will be applicable ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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29 July 2013 once before giving effect to deductions the estimated gross total income exceeds the basic exemption limit then form 15h cannot be used in any case.

Rajan Singhal

Rajan Singhal (Querist)
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30 July 2013 In new 15h for FY 2013-14 declaration I read: -
"I also, hereby declare that to
the best of my knowledge and belief what is stated above is correct, complete and is truly stated and that the incomes referred to in this form are not
includible in the total income of any other person u/s 60 to 64 of the Income-tax Act, 1961. I further, declare that the tax on my estimated total income,
including *income/incomes referred to in column 21 computed in accordance with the provisions of the Income-tax Act, 1961, for the previous year ending on
.................... relevant to the assessment year ..................will be nil."
1. So that basically means that tax should be nil meaning tax can be nil after applying deductions like 80c,80D etc. Correct ?
2. Also my mother cannot transfer part of intt. income to me for making her tax nil for satisfying this declaration as it says that "incomes referred to in this form are not includible in the total income of any other person u/s 60 to 64 of the Income-tax Act, 1961". Is she tranferring intt to me u/s 60 of IT act 1961 (Where the ownership of the loan amount is still with me) ?

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Rajan Singhal

Rajan Singhal (Querist)
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30 July 2013 Further in 15H for FY 2013-14 Notes section it is written in point 4: -

"The person responsible for paying the income referred to in column 21 of Part I shall not accept the declaration where the amount of income of the nature
referred to in section 197A(1C) or the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the previous year in
which such income is to be included exceeds the maximum amount which is not chargeable to tax and deduction(s) under Chapter VI-A, if any, for which the
declarant is eligible.";
So I concluded that Chapter Vi-A deductions like 80C, 80D etc can be applied to make Tax nil for satisfying this 15H declaration........is this correct ?

Further in 15G it is also additionally written that
"I/We also, declare that *my/our
*income/incomes referred to in Column 22 for the previous year ending on .................... relevant to the assessment year .................. will not exceed the maximum
amount which is not chargeable to income-tax." so that means that such incomes should be less than 2,00,000/- and one can apply Chapter VI-A deductions here as well. In other words TAX should be nil on total estimated income and intt income should not exceed 2,00,000/-