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Senior citizen 80 c

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(Querist)
30 October 2013 is this true that Senior citizens receive interest on a 5-year fixed deposit, which is eligible for deduction from the total income under Section 80C. ?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
30 October 2013 No. interest on fixed deposit is taxable under income from other sources
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
30 October 2013 Interest is taxable in case of maturity of Fd..
However, If form 15H is submitted to the bank then Bank wont deduct TDS on such interest if the taxable income of the senior citizen is below the exemption limit i.e 250000..
if the citizen is above 80 then the exemption will be 500000..

That means a seniors citizen can make FD up to 25lacks without paying any tax...
No Tax will be deducted at the time of maturity if such interest doesn't cross 2.5 lacs...
{Only his source of income is interest from FD}

In case of senior citizen above 80, 25 lacs will be replaced to 50 lacs..

Regards,
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