I am a retired employee and my total income is approx ₹15 lakh per annum. That includes his pension ₹6 lakh, LIC pension of ₹1 lakh, rent from house property of ₹2.4 lakh and interest income from fixed deposit for the balance. I benefit from an additional 1% as a former employee and 0.5% as a senior citizen. I am also getting 8.2% on the Senior Citizens Savings Scheme. If I open a HUF (Hindu Undivided Family) account and transfer my fixed deposits to my HUF account, will I still get the additional benefit of 1.5%? Is it advisable to open a HUF account? If so, how should I divide my income to claim tax benefits?
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