Hi
My aunty has got some 15 lac money which she has got through settlement of one of the property with her brothers and sisters. She comes under senior citizen bracket. Now she wants to invest this money in such a way that she gets regular income on monthly basis and also doesn’t want to go via MF route. I’ve suggested her to split the money this way –
a. Put around 10 lacs in FDs, she can divide it in 3-4 banks based on interest rate and for tax savings purpose.
b. Put remaining amount into savings account with banks such as AXIS bank which provides rate of interest of around 6% so that she gets some regular income.
I’ve also suggested her to invest in e Gold option. However these are my opinions and I\’m not expert.
Can somebody please suggest –
a. What could be the best options to meet her requirements.
b. Whether she needs to pay tax on this 15 lac and what will be the taxation rules for income on this money if she invests it in FDs considering that she is senior citizen.