How can my mother save the tax?

POSTED BY anupthunder ON September 16, 2013 5:58 pm COMMENTS (5)

1.My father expired few months back and  My mom has received 4 lakh of insurance amount and my father and Mom had a joint saving account where first account holder was my dad . In savings account  he had 4 lakh rupees.

2. I have made the FD of 4 lakh in the name of my mother and i want to make another FD of 4 lakh, overall interest per annum is 9% total earning would be round about 72000RS if i keep another FD of 4 lakh.

My question is do my mom has to pay any tax on the interest earn. because my mom has no other source of income so should she needs to fill only form 15g or i have to file my mom itr.

Please suggest me?

 

 

 

5 replies on this article “How can my mother save the tax?”

  1. anupthunder says:

    Thanks for your valueable feedbacks….

  2. anupthunder says:

    do i need to file itr

    1. CA Karan Batra says:

      Its not mandatory for you to file ITR as your income is below the taxable limit…

      You would only be required to submit Form 15G/Form 15H as explained by Manish in the above answer…

  3. ashalanshu says:

    Dear Anup, your mother can save TDS by filing Form 15-G/H. Relax & file the same to save TDS on FD interest.

    thanks

    Ashal

  4. NO she will not have to pay any tax because the income of Rs 72,000 is below the tax limit.

    BUT when she makes FD of Rs 4 lacs , the interest will cross 10k for 1 yr and the TDS will be deducated and she will have to claim it back by filing the returns .

    So in that case, she will have to file Form 15G/H so that no TDS is cut !

    Read this – https://www.jagoinvestor.com/2011/06/avoid-tds-form15h-form15g.html

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