Clubbing of income

This query is : Resolved

Harsh Katara (Querist)
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17 August 2015 Hi, I have one query regarding above subject matter. My uncle has opened fixed deposit account in his wife name, now she has earned interest income on same and I told them it is transfer of asset without consideration and hence the interest income will be clubbed under him and he has to show under his IT return. Now the problem is that on such interest income bank has deducted TDS of Rs. 20k approx and has deposited in her name and is showing under form 26AS under her name. Now when interest income on FD of wife is being shown under uncle's income then who should claim TDS on such interest income as TDS was never deposited under his name but only wife's name. Please advise who should claim TDS? thanks in advance.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 August 2015 File a declaration with the bankers as the income will be clubbed with husband TDS return may corrected with PAN of husband.

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Harsh Katara

Harsh Katara (Querist)
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19 August 2015 Thanks for your reply Seetharaman!
This might take time. Can I file wife's return as Nil and claim TDS refund as she is not having any income?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 August 2015 Yes file wife's return and claim refund.

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Harsh Katara

Harsh Katara (Querist)
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19 August 2015 Thanks again!!
last query sir. Will there be any repercussions if only TDS is claimed under return as in form 26AS & intimation under section 143(1) will be there be any mismatch? thanks in advance !!

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 August 2015 If the income shown in 26AS is below the taxable limit not a problem.

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