TAX TREATMENT OF MF MIP

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  1. AJAY1313

    AJAY1313 New Member

    My mother is 80 years old. She wants to invest Rs. 3,00,000 ( by encashing her FDs from bank) in mutual fund monthly income scheme and or liquid funds. Other than this Rs. 3.0 lacs she has no other money. What will be tax implication for her?
     
  2. INVESTURU

    INVESTURU Member

    Dear Ajay, (For your mother)
    As per the provisions of income tax act read with its rules, if any assessee being an individual who falls in the age category of 80 years or more, please note the following:-
    1) income upto Rs. 500000/- will be tax free, subject to provisions of income tax act.
    2) if interest income is more than Rs.10000 and you have not submitted form-15G to your bank, then bank will deduct TDS, & for claiming TDS, you have file ITR.
     
    AJAY1313 likes this.
  3. INVESTURU

    INVESTURU Member

    For checking whether, bank has deducted TDS on interest u/s 194A. Please check 26AS.
     
    AJAY1313 likes this.
  4. AJAY1313

    AJAY1313 New Member

    Dear Sir

    Thank you very much. Your replies have cleared all my doubts. hats off to you. Looking forward to more.
     
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