Fixed deposit in wife's name from joint account

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This query is : Resolved

Raghu9 (Querist)

05 May 2014 I am a salaried person (comes under 20% tax bracket).I have a joint account with my wife who is a house wife.There are a fixed deposit for Rs 22 Lac is in my wife name From joint account.Does she need to pay tax or she require to file IT return.
My wife has no other income. Is I am liable to pay tax on wife's fd interest income ?

Sandeep Dharar

Sandeep Dharar (Expert)

05 May 2014 Yes she will file nil return in that case since she has no taxable income

Rupesh Jain

Rupesh Jain (Expert)

05 May 2014 if amount of FDR is your. then you have to club this FDR amount in your income tax return.

Raghu9

Raghu9 (Querist)

05 May 2014 If I transfer some amount to wife's account and from that she make fd and earn interest is taxable for me or to heronly ?

Rupesh Jain

Rupesh Jain (Expert)

05 May 2014 r/sir
money ownership is consider by income tax deptt.

if you give gift money to his wife then intt amount is also include in your income.

Nikhil Kaushik

Nikhil Kaushik (Expert)

05 May 2014 one way to avoid clubbing in this case, is to transfer the said amounts to a separate account in her name as a loan. in such case, she will be required to file the return provided income earned exceeds exempted limit.

Raghu9

Raghu9 (Querist)

05 May 2014 Ok thanks all

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