Interest on bank deposits-deduction of tds
This query is : Resolved
karnam bhaskaran
(Querist)
18 January 2014
My wife is a housewife. I have gifted Rs.10 lakh to her from my terminal benefits and the same was deposited in her name in a Bank. She has submitted form 15-G to the Bank. Please clarify whether the bank will deduct tds if the total Interest paid by the bank is more than Rs.50000.00. She has no other income and the total interest accrued is Rs. 1 lakh.
18 January 2014
Hi
Bank would not deduct any TDS even though it is more than Rs. 2 lacs.
Thanks
Bank would not deduct any TDS even though it is more than Rs. 2 lacs.
Thanks
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