Answer ( 1 )

  1. Hello,

    If you deposit any amount above 2.5 L, it will be taxed. If you are a senior citizen then you can deposit up to 5 L.

    So here’s the tax slab depending on the amount you deposit:

    Rs. 2,50,001 to Rs. 5,00,000 – 5% (Exception for senior citizen)
    Rs. 5,00,001 to Rs. 7,50,000 – 10%
    Rs. 7.5 lakhs to Rs. 10 lakhs – 15%
    Rs. 10 lakhs to Rs. 12.5 lakhs – 20%
    Rs. 12.5 lakhs to Rs. 15 lakhs – 25%
    Rs. 15 lakhs and above – 30%

    So if you are a senior citizen and your partner as well, you can transfer 5 L without any tax implication. The remaining 7.5 L will be taxed at 10%. This can happen only when two accounts are of senior citizens.

    Now, if you are below 60 and other two account holders are below 60 as well, you still will save 10% tax (5% for 5 L and 10% for 7.5 L) (5% + 5% + 10% = 20%). Normally, if you save any amount above 15 L in a bank, you will have to pay 30% tax. So, you will save 10%. However, you will need to justify and provide proof and source for any amount above 2.5 L that one deposits in the bank.

    Hope this helped!

Leave an answer