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Income tax on fixed deposit

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(Querist)
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
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
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.
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Sreekumar

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Sreekumar (Querist)
19 August 2016 Mam, thanks for the reply. One more query, whether she needs to have PAN for opening FD.
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CA Amrita Chattopadhyay

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CA Amrita Chattopadhyay (Expert)
19 August 2016 Any deposit more than Rs.50000 needs PAN. In your case, she needs PAN for opening FD
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