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Tax calculation

21 January 2016

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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10 Replies

manoj (student) (5205 Points)
Replied 21 January 2016

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

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CMA Poornima Madhava (CMA) (13112 Points)
Replied 21 January 2016

Further, there is no tax liability on FD but on interest earned on FD

Santhosh Kumar M S (TAX CONSULTANT) (82 Points)
Replied 21 January 2016

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

sakshi Agrawal (student) (27 Points)
Replied 21 January 2016

Ur mother income is lessthn 250000 ,ie basic exemption limit....so no need to pay tax.

Rajkumar Hudati (Asst. Manager - Finance) (66 Points)
Replied 21 January 2016

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.