POSTED BY October 20, 2011 3:23 pm COMMENTS (3)ON
My mother is 63 years old, She had taken home loan and paying its installments for interest form fixed deposits. Total Interest earned is 4 Lakhs this year,
Amount Paid to the Loan as base Section 80C : 100000
Amount paid as interest 24(A): 150000
Net income after these 80C and 24(A) deduction is : 1.5 which is below 1.9(base income tax slab for female)
But the bank is deducting TDS , so she can submit form 15G(this year) / 15H(next year) so as to avoid TDS deduction.