One of my senior citizen friends wants to deposit cash of Rs.3 lacs for making an FD in bank. Then what precautions does he need to take. the source of cash is 25% from own savings balance received from a property deal. Please advise
Thanks
GR Babu
2 Replies
Ashwin Kumar
(1234 Points)
Replied 10 October 2017
since you have the source for that fund ....there will be no problem....interest received thereon will disallowed if it's above rs 10000
neeraj gupta
(1138 Points)
Replied 10 October 2017
If the total income for the year is not greater than 3L (<80yrs) then submit 15H to avoid TdS on interest received. this limit is 5L for >= 80yrs
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