Senior citizen (68 year) income tax calculation

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This query is : Resolved

Manjunath (Querist)

06 June 2016 Dear Sir,

My uncle having income from Interest on which he kept money from bank and he provide the form 15H to bank also. (For the year 2013-2014 Rs.4,50,000) and he don't have any income other than this, in this his paying rent, telephone bills, electricity bill and other home & personal expenses. only my uncle and aunty in the home.

Now they got the notice from the income tax file the return.

Please suggest. (they don't have any lic not saving details)

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

06 June 2016 if Income is pertains to FY 2013-14 than Taxable Limit is Rs.250000/- for Senior Citizens above 60 Years super senior citizens Rs.500000/- , Excess interest amount Received will be taxable in the hands of Assessee . So no Expenses allowed against interest Income 200000/- is taxable

CA SUNIL K GARG

CA SUNIL K GARG (Expert)

06 June 2016 Interest received from bank is taxable under the head Income from other sources. No expenditure is allowed to be deducted from interest income because for earning this income, no expenditure has been incurred. This expenditure is incurred after earning income. So Rs. 450000/- will be chargeable to income tax in ITR. If individual cover in slab of Rs. 500000/-, no tax needs to be paid, otherwise tax will levy.

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