Hi Friends,
My NRI cousin has invested 15 Lakhs in Post Office under 5 year term deposit, further ge want to like some investment. How much further he can deposit as a Term Deposit in Post office without affecting of Income Tax?
all his source of revenue from Abroad and nothing in India
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5 Years Term Deposit Limits in Post Office
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Quick Summary
Interest earned is tax free up to Rs 10,000 per year. Income tax relief is available on the amount of interest under the provisions of section 80L of the Income Tax Act. The account can be transferred from one post office to another. Single accounts can be converted to joint accounts and vice versa.
Section 80L is no more in the statute book. No deduction from interest on FDR to non-senior citizen assessee. Senior Citizen is eligible for total deduction of Rs.50,000 against interest on saving account and fixed deposit.
So we can avail Exemptions only 10K?
ex《 interest earned 250K, Less 10K, Bal 240K is applicable for IT @ 10% ? TDS will be refunded when we are filing ITR as per IT slabs? am i correct?
ex《 interest earned 250K, Less 10K, Bal 240K is applicable for IT @ 10% ? TDS will be refunded when we are filing ITR as per IT slabs? am i correct?
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