Income Tax on FD for Senior Citizens

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  1. GNRAO

    GNRAO New Member

    my wife is 74 and I am 83
    We have no income except the interest on Post office 6 years monthly income and interest from our fixed deposits. and sometimes monthly for our monthly expenses remittance from our son abroad.
    What are our tax liablities?
     
  2. gaurav_kumar

    gaurav_kumar Well-Known Member

    1. No tax would be levied on the Remittance received from your son.
    2. Tax on Interest received from Post Office and Fixed Deposit would be liable to tax if the amount received during the year is more than 3,00,000 by your wife and more than 5,00,000 by you. If it is less than this amount - then their would be no tax liability.
     
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  3. GNRAO

    GNRAO New Member

     
  4. GNRAO

    GNRAO New Member

    Many many thanks for your kind guidance.
    God bless you.
    With regards and best wishes.
    Keep up the good work.
    GNRAO
     
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