sir, my sister recently lost her husband and got his settlement dues which she invested in FD. To reduce the TDs on FD interest, she has jointly opened an account with her mother, who is 60+ and also a widow. I want to know whether she opens an FD in her mother's name in the same joint account, will she be liable for the TDS on that FD interest also (as it is a joint bank account for nomination purpose, if so on what sharing?)
1 Answers
TDS on fixed deposit interest would be deducted by default, if interest amount exceeds Rs 10,000 in financial year. She would need to submit form 15G/15H to avoid tax deduction.
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