Hi, My Mother is a housewife. Our home is given on rent which is on her name. She is getting 60000/annum rent from that home. How tax will be calculated on this. And on her name there is a FD of 2lac. How tax will be calculated on this. N.B- My father comees under 10% tax bracket
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Tax calculation
Replies (10)
as tax income is below 250000 so need to worry
even point to note if your mom is senior citizen than income exempt will be 300000
Further, there is no tax liability on FD but on interest earned on FD
you have to deduct 30% deduction and municipal taxes paid and arive at taxable. second the interest received from FD's is taxable Exempted income limit of FY-2015-16 for individuals less than 60 years is 2,50,000/-. By details given by u i think ur mothers income will be below taxable only
Ur mother income is lessthn 250000 ,ie basic exemption limit....so no need to pay tax.
Income of your mother is within the basic exemption limit. That's why, your mother has no tax liability but clubbing of income provision should be judged if it is applicable depending on source of FD and house property as your father is in 10% tax bracket.
Income of your mother is within the basic exemption limit. That's why, your mother has no tax liability but clubbing of income provision should be judged if it is applicable depending on source of FD and house property as your father is in 10% tax bracket.
Income of your mother is within the basic exemption limit. That's why, your mother has no tax liability but clubbing of income provision should be judged if it is applicable depending on source of FD and house property as your father is in 10% tax bracket.
And file her income tax return to claim refund of TDS on FD interest (i presumed TDS deducted by Bank)
If bank is deducting tds then pls submit form 15g/15h as income of ur mother is falling under basic exemption limit
If bank is deducting tds then pls submit form 15g/15h as income of ur mother is falling under basic exemption limit
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