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Regarding incometax

Tax queries 163 views 1 replies

ramya

trainee

36 Points Posted on 10 July 2021

Hi, I have questions
We are selling own house .it is under my mom's name..
So that amount we get is rs.30lakhs.. where to keep this one and make sure tax is not deducted..
I have checked with SBI bank manager he told to invest in F.D. and Mutual funds..
Now scenarios
My mom - non employed no income.. home maker
So in my moms name if we keep rs.15lakh F.D. any tax deduction would happen or not??
My dad is retired govt. Employee getting pension
Total income per year is rs.1.98lakh
So if we another rs.15lakh F.D. in dads name how much tax is deducted?

Any better option other than capital gain

Replies (1)

Vasudevan C P

403 Points Posted on 10 July 2021

Hi Ramya, Please find my views on this;

Q1: TDS in FD deposit; Bank are obligated to deduct tax u/s 194A since interest income will exceed 10k. however you can files 15G assuming your mom is aged less than 60 years and get away with TDS issue as bank will not deduct tax upon submission of form 15g

Q2. Invest FD in Dad account ; I think the effect will be same as mentioned above. it's better to keep FD in mom's name so that both their total income below Basic Exemption limit.

My Advice on fund management; You may invest some portion of money in ELSS MF inorder to get high returns at long term. Other MF option also are good options and it will be obviously better than Bank FD.