fixed deposit interest

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?)

asked Nov 06 '12 at 13:43 by dhatchayanim 12511

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.

answered Nov 11 '12 at 23:52 by Pankaj Batra 5.2k320


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Asked: Nov 06 '12 at 13:43

Seen: 2,006 times

Last updated: Nov 11 '12 at 23:52