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Clubbing of Wife's Income from FD Investments

This query is : Resolved 
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(Querist)
28 January 2025 A husband falls under the 30% tax bracket. He invested approximately 10 Lakhs in fixed deposits in his wife's name. The wife earned approximately Rs. 70,000 in interest, and TDS of Rs. 7,000 was deducted by the bank. Unaware of the income clubbing provisions, the wife filed her ITR and claimed a refund of Rs. 7,000.

In the current financial year, the wife is expected to earn around Rs. 200,000 in interest due to further investments in FDs. Some TDS has already been deducted.

Given the potential application of clubbing provisions in previous years, is there a risk of receiving a notice from the Income Tax Department?

Can we continue to file separate ITRs, or should we consider clubbing the wife's income with the husband's income this year?"
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
30 January 2025 1. Yes, likely.
2. File husband's ITR with interest income clubbed to his file. He can even claim the TDS deducted in wife's PAN.
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sameer joshi

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sameer joshi (Querist)
30 January 2025 Thanks for the reply.
How to file wife's return. Should she file nill return? How to show interest income in wife's ITR?
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
30 January 2025 File the return of wife without the interest income. Declare the TDS deducted as that belonging to her husband.
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