my uncle is retired state govt. emplyee, he deposited approx. 7,00,000 in fixed deposit and approx. 1,50,000 in current account. every year he paid tax in time, is there any way to save tax on above said amount
Re: deposit FD in my wife's name
by straight forward on Jun 08, 2009 01:52 PM
Sachin There is no limit for placing an FD. However, if you place FD in the name of your wife out of your taxable income, your income will still be taxable in your hands and interest on this FD will also be taxed in your hands.
Re: deposit FD in my wife's name
by Amitabh on Jun 08, 2009 01:54 PM
If you book FD in your wife's name, the interest therefrom will be clubbed with your income. You may go for medical insurance and save tax under Sec 80D.
