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Investing 20 lakh. Senior citizen. Any tax provisions?

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  • Investing 20 lakh. Senior citizen. Any tax provisions?


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Answer #1 | 13/12 2013 18:56
Donate the funds in a way that will minimize the taxes or will avoid to pay the taxes.
Answer #2 | 13/12 2013 19:04
Rs 20 lakh = Rs 2,000,000 = US $32,162? How much money would be needed to live for a year in India? For investments, I would suggest something very safe. Put it in a bank account. It's too easy to lose the money in anything at all risky (90% of all people who play with the stock market lose money). If she legally sold the land, then she would have answers for the tax officers.
Answer #3 | 13/12 2013 19:13
You can invest up to 15 lakh in Senior Citizen Savings Scheme (SCSS) Account http://www.indiapost.gov.in/scss.aspx It's good scheme for Senior Citizens who desire monthly/quarterly interest
Answer #4 | 14/12 2013 00:07
First check land sale attract any capital gain tax. if tax arise she should invest RBI Capital bonds to get exemption from Capital Gain Tax. IF 20 lakhs FDR get interest within 2.5 lakhs per Annum. no income tax arises. But avoid TDS problem he split FDRS. That individual interest p.a.should comes less than Rs.50,000/-/

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