Union Budget 2025: Want to reduce TDS on FD? This is how legal heir clause & Form 15G can help you!
Budget 2025: Understand the key differences between a nominee and a legal heir and learn how Form 15G can help you save tax on Fixed Deposits by utilising your spouse’s name strategically.
With Finance Minister Nirmala Sitharaman set to present the Union Budget 2025 on Saturday, February 1—her eighth consecutive budget—taxpayers are actively seeking ways to boost savings. Fixed Deposits (FDs) continue to be a popular and secure investment choice, but tax deductions can impact overall returns.
To minimise Tax Deducted at Source (TDS) on FD earnings, it’s crucial to understand the difference between a nominee and a legal heir, along with the strategic use of Form 15G. By leveraging these insights, you can enhance your FD investments while ensuring tax efficiency. Here's how.
Introduction to Fixed Deposits (FDs)
![Introduction to Fixed Deposits (FDs) Introduction to Fixed Deposits (FDs)](https://cdn.zeebiz.com/sites/default/files/2025/01/29/348720-6-76.jpg)
Guaranteed returns with FDs
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Flexible tenure options
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Tax benefits with form 15G
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Reduce TDS liability using spouse’s name
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Understanding legal heir eligibility
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Role of nominee: Not the same as legal heir
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Asset distribution without a will
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Legal heir rights: Inheritance & claim
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