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Discussion > Income Tax > Tax queries >

Income tax return for housewife.

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Profession


[ Scorecard : 56]
Posted On 16 February 2013 at 21:57 Report Abuse

Housewife having no personal income has to obtain PAN card for the purpose of opening Fixed Deposit Account with Bank jointly with her husband who regularly files Income Tax Return.

The entire interest obtained from the Fixed Deposit Account are shown in the I.T. Return of the husband since  the amount of Fixed Deposit belongs to the husband.

How such a housewife will file I.T.Return ?


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Nikhil Kaushik
Advisory Practice


[ Scorecard : 66054]
Posted On 17 February 2013 at 01:24

There is no need for her to file the return.





Sudarshan Bysani
Proprietor


[ Scorecard : 27]
Posted On 17 February 2013 at 18:37

I am an NRI. I get rental income in India, which is well above taxable limit. I know I cannot open a PPF account in my name. Can I open a PPF account in my wife's name, who is a resident Indian and deposit from rental proceed to claim deduction under section 80c.




Nikhil Kaushik
Advisory Practice


[ Scorecard : 66054]
Posted On 17 February 2013 at 19:28

Dear Sudarshan,

 

Yes, you may do so.




Sandeep
SR.EXECUTIVE ACCOUNTS


[ Scorecard : 1450]
Posted On 18 February 2013 at 09:27

Don't need to file any return in Housewife in this case only.




Abhisek Rungta
PRACTISING CHARTERED ACCOUNTANT


[ Scorecard : 234]
Posted On 18 February 2013 at 10:04

No need to file return for the Housewife




Albert Desouja


[ Scorecard : 62]
Posted On 18 February 2013 at 13:11

Dear Sir/Madam,

My mother (56 Years old) is a housewife & have 5 lakh deposit in her saving account which she has got after selling of her jewellery and she has no other source of income so she wants to invest that money in Fixed Deposit in Banks. 

So please advice me should she have to file IT return or not.

And also advice me how she can save TDS if its applicable of FD.

 

Thanks

Albert Desouja




Rajesh Gupta


[ Scorecard : 22]
Posted On 18 February 2013 at 15:05

Dear Sir/Madam

My mother is a housewife and gets the house rent from my father . She is investing the money in Mutual Fund in her own name. What would be the Tax implications. , Is she liable to file the return when the units of Mutual Fund are redeemed or will it get clubbed up with my father's income.

Please advice.

Thanks




Nikhil Kaushik
Advisory Practice


[ Scorecard : 66054]
Posted On 18 February 2013 at 19:25

Dear Albert,

 

In case TDS has been deducted from the interest income from FDs, kindly file ITR 1.

 

 




Nikhil Kaushik
Advisory Practice


[ Scorecard : 66054]
Posted On 18 February 2013 at 19:30

Dear Rajesh,

 

1. The rental income is taxable under the income head "income from house property"

 

2.  Exemption for Investment in mutual funds can be claimed under section 80C.

 

3.  Redemption of Investment in mutual fund equity schemes is tax exempted

 

4.  None of the above income is liable for clubbing with the husband's income.



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