Interest on fdr
This query is : Resolved
01 February 2015
Sir,
We have some bank deposits in my
& my wife name jointly.My name is first.My wife is house wife. May I file her ITR.May I allocate half interest to her ITR.Pl advice.
.Thanks
We have some bank deposits in my
& my wife name jointly.My name is first.My wife is house wife. May I file her ITR.May I allocate half interest to her ITR.Pl advice.
.Thanks
Nikhilesh Kataria
(Expert)
01 February 2015
Please note that in income tax concept of real income is followed irrespective of its immediate holder or beneficiary. So the key issue which need to be addressed is that what is the source of FDR made in bank.
If your funds have been used to make the FDR then the interest will also be taxed in your hand irrespective of it being in joint name and vice versa. Accordingly, you may show interest based on the source of fund
If your funds have been used to make the FDR then the interest will also be taxed in your hand irrespective of it being in joint name and vice versa. Accordingly, you may show interest based on the source of fund
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