POSTED BY April 26, 2013 4:19 pm COMMENTS (3)ON
Have a query on FDs.
As my parents are retired, they received lump sum amount of Rs 20L.
(Both dont come under tax slabs)
Now they wish to invest in FDs (banks) since its a safest option available in the market.
But are concerned about the taxes involving the FDs interest.
Till now they were submitting 15G forms for avoiding TDS. Now they need to fill up 15H form.
But have some doubts regarding the interest earned through FDs like –
1. Suppose, yearly if my mother / father earns interest more than Rs 2,00,000/- through FDs, will she be taxable ? (inspite of submitting Form 15H)
2. Suppose, they invest Rs 10L amount in Bank A and another Rs. 10L in Bank B. Then would they still be taxed on interest earned of Rs 2,00,000/- ?