Fom 15g applicable or not

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)

Only taxable incomes are aggregated, not exempt income.

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

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

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

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