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Fom 15g applicable or not

Tax planning 172 views 2 replies

amy

n/a

21 Points Joined September 2017

is form 15g applicable in following Case ?

Salary income 2.2 lakh

Dividend income 20 thousand

Saving intered 8 thousand

Long term capital from sale of shares/insurance/mf 80 thousand

interest income from FD's 15 thousand

Can form 15g filed in this case ?as bank interest income exceeds 10 thousand , however total income exceeds 2.5 lakh if you add excempt income to basic salary

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

196929 Points Joined July 2016

Only taxable incomes are aggregated, not exempt income.

If LT capital gains are equity based (i.e. exempted) form 15 can be issued.

chamarthi venkatesh

Student CA Articleship

848 Points Joined June 2015

Conditions to be satisfied to submit form 15G/15H to banks

Assessee is an individual or HUF
He must be a Resident Indian
He should be less than 60 years old (If more than 60 years form 15H is applicable)
Tax calculated on his Total Income is NIL
The total interest income for the year is less than the minimum exemption limit of 2.5 Lacs.