My mother is a super senior citizen and she has only income from bank interest. Her interest income is a little more than ₹5 lakh. She also has invested ₹1.5 lakh under Section 80C. We have shown the proof of investment in PPF to the bank, but the bank refuses to accept Form 15H on the ground that her interest income has exceeded the basic exemption limit of ₹5 lakh available to super senior citizens. Please clarify.
- Sunil Sisodia
Form 15H imposes only one condition.The final tax on the individual's estimated income calculated as per the provisions of the Income Tax Act should be nil. That means a person above 60 years can submit Form 15H if her tax liability is nil. Since your mom is earning a little above ₹5 lakh and she doesn't have to pay any taxes after deducting ₹1.5 lakh under Section 80C, she can file Form 15H.