Form for senior

P. K. Sil, Hooghly D. Gupta, Calcutta B. Mitra, Howrah

By The Telegraph Online
  • Published 11.11.13
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I am now 73-years-old and in the current financial year my total income, including pension, bank fixed deposit and savings deposit, will be nearly Rs 2,65,000. Should I have to submit Form 15H in the bank and file the income tax return?
P. K. Sil, Hooghly
 
Normally, if the income from interest is above Rs 10,000 in a fiscal, a 10 per cent tax is deducted at source. To avoid TDS, Form 15H can be submitted by senior citizens. You have not mentioned your income after deductions. If the estimated taxable income in the current financial year (that is, income after deductions under Sections 80C, 80D, 80TTA) is below the threshold of Rs 2,50,000 for senior citizens, Form 15H can be filed. Further, the tax authorities mandate filing of returns for all individuals having income beyond the prescribed threshold. There are different forms for different individuals based on the source of income.
 
 
Fixed maturity plans
I am looking to invest some amount in fixed maturity plans (FMPs). I would like to know what would be the income tax liability on the redemption of the investment?
D. Gupta, Calcutta
 
FMPs are close-ended debt schemes wherein the tenure of the scheme is aligned with the duration of the underlying debt assets, which are usually certificate of deposits, commercial papers, money market instruments, corporate bonds etc. The taxation on FMPs is similar to debt mutual funds. For the growth option, tax on capital gains on redemption will be 10 per cent without indexation and 20 per cent with indexation. For the dividend payout option, there will be a dividend distribution tax of 28.3 per cent on each dividend payout and tax on capital gains.
 
 
Gift for daughter
I want to gift Rs 2 lakh to my married daughter in a cheque, which she will use to purchase a house. Is it necessary to write the gift in a stamp paper and also have witness?
B. Mitra, Howrah
 
It is not mandatory to write the gift deed on stamp paper, especially when you are gifting to your own married daughter. However, you can have a supporting document along with the signature of the witness so that you can furnish the document in case there is any dispute in the future.
 
 
If you have queries about investing or taxes or a high-cost purchase, mail to: btgraph@abp.in, or write to: Business Telegraph, 6 Prafulla Sarkar Street, Calcutta 700 001.