Hello,
I have recurring deposit of 10 years in nationalized bank in the name of minor daughter. It will get mature in next 10 days. Is there any way to save income tax including TDS by bank? Appreciate your kind advise.
Best Regards,
Sachin.
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How can I save IT on maturing RD of 10 years
Replies (5)
Whether the daughter attained majority now?
No, she is still minor.
Whether you as guardian were/are filing your ITRs?
Let me give you some more info. We had to open this RD as per law and court direction for our adopted daughter until she turns 18. Unfortunately we can not renew the RD 10 years. So the maturity amount will get added to our savings account with tax implication and we will have to open new RD in the name of daughter for remaining years until she turns 18 and the entire proceeds will be added to daughter's account.
Moreover, we as a parent both file ITRs regularly.
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