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Payment of tax in fd interest

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(Querist)
07 August 2018 suppose i have received a amount of 1000000 from my family in the form of sale of land and i convert that 10 lakhs into a fd in any bank. and the interest receivable on that fd is taxable or not if i submit form 15G/H.? please expalin me?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 August 2018 Taxable.................
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
08 August 2018 If you submit 15G declaration of taxable income less than taxable limit you can claim exemption from deduction of TDS U/s 194A.
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SREERAG E R

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SREERAG E R (Querist)
08 August 2018 but my total income is below taxable limit of slab rate..... and at present my only income is the above mentioned case, if this is the case is there any use in submitting form 15g
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
08 August 2018 If you not submit 15G along with PAN they will deduct TDS.
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