Tax on 1 year term fd

A senior citizen lady has earned Rs 2,50,000/- as interest from Fixed Deposit.

 

This income is taxable or not and this income would be declared as income from other sources? Is there a way to save any tax on this income as this person is already have some income from house property of approx 5 lacs annually. 

-Rajiv

 

Replies (5)

Bank must have deducted TDS on such interest......

Anyways, This 2,50,000 ( income from other sources) plus the house property income(after 30% deduction) will form the gross total income & claim the deductions under chapter VI, & then apply the slab rate.

To save tax liabilty in future you can invest in 5yr FD with bank so that you can claim ded u/s 80C.....

Other deductions are also available to you.(ie 80C, 80D, 80TTA)

 

She may invest in NSC - 5 years which is eligible for 80C deduction to save tax.

i agree with above answers.
We can use gift rout to avoid tax

Alok - do you mean the interest earned can be gifted to someone? In that case what paper formalities would be required.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
30 September 2026
Senior Accountant

Codeboard Technology

Chennai

B.Com

View Details
Company
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER

Anupam Parashar & Co.

Ghaziabad

CA Final

View Details
Company
ARTICLESHIP 07 September 2026
Article/ Paid Assistant

Murali and Sumeet Chartered Accountant

Bengaluru

CA Foundation

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details