Tds on fd

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Hi Fellows,

Recently my dad got expired and my mom received a considerable amount in lakhs from LIC. My mom don't have anything to do with that money hence I am planning to book FD on her behalf in bank. She already have few FD's in different banks which are already crossing 10k limit interest and we are producing form 15g to all banks to avoid tds deduction. Now I have opened her another account in another bank and LIC money we got in that account. Can I book FD for all amount she got in new bank ? Will it be a problem from income tax pespective as I am producing form 15g ? My mother don't fill income tax and she have only PAN card which is related to income tax. Please suggest me

 

Adding few more lines, she is house wife and do not have any income. All previous FD's deposited by my dad who is no more. Now I am planning to create FD for lakhs and interest may be huge. Can I still produce form 15 G to the bank to get exempted ?

 

Replies (1)

If her yearly income exceeds the tax limit, then she cannot submit 15G to the bank. Otherwise, she may open an FD in the bank and submit 15G and be exempted from TDS deduction.

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