Tax on senior citizen FD

sir, My uncle is senior citizen and doesn't work. If he does fixed deposit of 2 lakh for 1 year will it be taxable?

asked Mar 22 '12 at 09:07 by suren 41141725

Bank would deduct TDS @ 10% on interest if Form-15H is not provided to them. In such case your uncle would need to file income tax return to get his taxes back as refund.

If bank interest is the only income for your uncle and interest earned during financial year is less than 2.5 lakh, there would not be any tax payable.

answered Mar 22 '12 at 18:47 by Pankaj Batra 5.2k320


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Asked: Mar 22 '12 at 09:07

Seen: 2,253 times

Last updated: Mar 22 '12 at 18:47