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How can I save IT on maturing RD of 10 years

sachin (Others) (68 Points)

16 June 2023

Hello,

I have recurring deposit of 10 years in nationalized bank in the name of minor daughter. It will get mature in next 10 days. Is there any way to save income tax including TDS by bank? Appreciate your kind advise.

Best Regards,
Sachin.

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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160342 Points)
Replied 16 June 2023

Whether the daughter attained majority now?

sachin (Others) (68 Points)
Replied 16 June 2023

No, she is still minor.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160342 Points)
Replied 16 June 2023

Whether you as guardian were/are filing your ITRs?

sachin (Others) (68 Points)
Replied 16 June 2023

Let me give you some more info. We had to open this RD as per law and court direction for our adopted daughter until she turns 18. Unfortunately we can not renew the RD 10 years. So the maturity amount will get added to our savings account with tax implication and we will have to open new RD in the name of daughter for remaining years until she turns 18 and the entire proceeds will be added to daughter's account.