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Need help regarding withdrawing of fixed deposit

Tax queries 417 views 1 replies

Hitesh Mistry

cinematographer

28 Points Posted on 29 July 2013

Hi,

I am Hitesh and I have a query regarding the withdrawal of the term deposit.

The details are as follows..

The fixed deopsit mature on 3/8/2013.

My father passsed away. The other 2 names are of my mother and mine.

my mother is a house wife and dnt have any other source of income.. apart frm 2 lac invested in mutual fund.

i need to know wheather:

1. If I submit for H15 while withdrawing. Will the bank deduct the tax from the maturity value and return the rest or I will get the full matured value..

2. how long will the procedure take to get the formalities done and get the amount..

3..If any other tips or suggestions will be highly appreciated to make this transaction viable..main aim is to save tax .

Thanks in advance for your time..

would appreciate any replies on my email id... seaa.biscuit @ gmail.com or unbornaverage @ gmail.com

Regards,

Hitesh Mistry

Replies (1)

R Ramu

articles

49 Points Posted on 29 July 2013

Make sure you havegot all the legal Proof's (i.e Death certificate) related to your's father' expiry. And you possess the Fixed Deposit certiifcate, ID proof & Address Proof.

Use form 15G (for below 65 yrs) and form 15H (for above 65 yrs). If you show all the details in that form properly, i dont think it is a problem for you to withdraw the amount.

And time period may depend upon the bank. If you explain the situation they make solve it early. They make directly deposit the amount in to your account.

Hope this helps.