Rajiv (Student) (34 Points)
05 August 2014A 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
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 05 August 2014
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)
Mihir
(Wealth Manager)
(5293 Points)
Replied 05 August 2014
She may invest in NSC - 5 years which is eligible for 80C deduction to save tax.
Tribhuvan Aditya Singh
(Student as well as Self-employed)
(3710 Points)
Replied 05 August 2014
Alok A Bhavsar
(CA Final Student)
(82 Points)
Replied 06 August 2014
Rajiv
(Student)
(34 Points)
Replied 08 August 2014
Alok - do you mean the interest earned can be gifted to someone? In that case what paper formalities would be required.
CAclubindia
