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Income tax return for housewife.

Profession


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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Advisory Practice


There is no need for her to file the return.

 
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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.

 
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Advisory Practice


Dear Sudarshan,

 

Yes, you may do so.

 
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ASST.MANAGER ACCOUNTS


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

 
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PRACTISING CHARTERED ACCOUNTANT

No need to file return for the Housewife

 
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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

 
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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

 
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Advisory Practice


Dear Albert,

 

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

 

 

 
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Advisory Practice


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.


Total thanks : 1 times

 
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