Itr 2015-16
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 August 2015
My wife received money from my father in law. She did a fixed deposit on which income was generated. sh has a PAN no. Can she file income tax return in her name.
Amol S Joglekar
(Expert)
18 August 2015
Assuming the money is received as GIFT from her father in law :
It will be clubbed in the income of father in law u/s 64(1)(vi)
It will be clubbed in the income of father in law u/s 64(1)(vi)
19 August 2015
@Amol Ji
No, 64(1) (vi) doesn't apply since transaction is between father and daughter.
@Questioner
If the income including the interest on FD > the basic exemption limit she has to necessarily file return. On the other hand, if her income < the exemption limit and tax is deducted from interest, then also she has to file the return seeking refund.
No, 64(1) (vi) doesn't apply since transaction is between father and daughter.
@Questioner
If the income including the interest on FD > the basic exemption limit she has to necessarily file return. On the other hand, if her income < the exemption limit and tax is deducted from interest, then also she has to file the return seeking refund.
Amol S Joglekar
(Expert)
19 August 2015
Yes, my mistake. B Chackrapani Warrier.
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