Income tax on fixed deposit
This query is : Resolved
18 August 2016
Hi,
My sister is house wife and does not have any income. She got about 20 lakhs from parents as gift.
Can she deposit in any nationalized bank and avail tax free benefit. What is the procedure to be followed?
Thanks
My sister is house wife and does not have any income. She got about 20 lakhs from parents as gift.
Can she deposit in any nationalized bank and avail tax free benefit. What is the procedure to be followed?
Thanks
19 August 2016
She can deposit the money in the nationalized bank. If the interest during the year is less than Rs.250000, you have to fill form 15G or 15H (for senior citizen) requesting bank not to deduct TDS on the interest earned during the year.
19 August 2016
Mam, thanks for the reply. One more query, whether she needs to have PAN for opening FD.
19 August 2016
Any deposit more than Rs.50000 needs PAN. In your case, she needs PAN for opening FD
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