Hi All,
We had sold property in the year 2014 and kept the amount received from sale of property into bank as FD in the name of my mother which she is receiving interest of RS70000 per annum (she .is not a senior citizen).
Please advise will she need to file any income tax return and any tax she need to pay as she has not filed the IT returns or not paid any taxes till now.
If bank has deducted TDS on FD interest then file income tax return.
Thanks for the response. Bank has not deduct TDS as we had given Form 15 H.
15H is related to Senior Citizens , for others 15G is filed
yes 15G was filed, sorry I had mentioned incorrectly
My assumption that if an income from property received that should be invested on any other property purchased else that will be taxable.
Please advise if my understanding is correct and then advise that tax procedure as we have not filled any tax untill now.
CAclubindia
