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umesh chauhan (Querist)

25 June 2014 sir,
i have a fixed deposits(f,d) 5000000 in a bank at 1st june 2013. after selling the house property . then decided to make a fixeddeposit in the bank so plese tell me about the tax which i pay to the income tax .i also recive interest @10% and i am in a super senior citizen.so please guide me.which amount pay to the department.

Sandeep Dharar

Sandeep Dharar (Expert)

25 June 2014 Tax applicable for Super Senior Citizen is on income above Rs 5L. Interest on FD will b taxable but since u r SSC hence Rs. 500000/- as interest will b exempted. But if u have income from any other sources or any other heads of income(Salary, Capital Gain, PGBP,& House Property) then ur whole income will b taxable after deduction under chapter VI-A

Rupesh Jain

Rupesh Jain (Expert)

26 June 2014 if your are senior super citizen your tax exemption limit is Rs. 5 lacs . if your yearly income below Rs. 5 lacs then no tax will due to deptt.
if your income is over 5 lacs to add another income. then you have to pay tax .

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