Dear All,
My mother have renewed her FD in May, 2014 for Rs. more than 1 lakh and the interest payable to her will be more than 10k. My mother also turned 60 in January 2015. And there is no any other income of my mother than it. My Question is that in that case i have to submit form 15G or 15H to bank.
And also please share that banks provide interest on FD on daily basis or on maturity.
Thanks
Rajeev Dewan
Yes, You need to file Form 15H for you rmother.Form 15H is applicable for senior citizens. Since your mother will be 60 in January 2015, i.e. she was 60 year or more at any time during the previous year, so she will be considered as senior citizen for AY -2015-16. Form 15G can be submitted by non-senior citizens and form 15H is applicable in case of senior citizens.
Since she dont have any other income (or her total income is less then taxable slab) she can file form 15H
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