Spouse income to reflect in wife and self itr

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This query is : Resolved

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This discussion clarifies how to handle interest earned on Fixed Deposits (FDs) made from your income but held in your spouse's name. The consensus is that the interest should be clubbed with your income for tax purposes. While the TDS will reflect in your wife's Form 26AS, it doesn't necessarily need to be shown in her individual Income Tax Return (ITR) if clubbed with yours. The advice suggests indicating 'spouse' instead of 'self' in the TDS schedule of her ITR to reconcile the 26AS data without creating a mismatch.

Shankar Rugge

Shankar Rugge (Querist)

13 August 2021 I invested in FD in wife name from my income. my queries are
1. interest on interest of FD is it required to be clubbed with my income?
2. As int on FD reflected in wifes 26AS it has to be shown in her ITR apart from my ITR where I show the int in clubbing provision. But it will also be shown in wife ITR as reflected in her 26AS. Where to show in her ITR ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

13 August 2021 1 yes, it's to be clubbed with your income.
2 It has to be shown in your ITR only need not be shown in wife's ITR.
In wife's ITR TDS schedule choose spouse instead of self against that TDS.

Shankar Rugge

Shankar Rugge (Querist)

13 August 2021 Thks. I was told that int on int need not be ckubbed n to be shows as income of wife.
But if I don't show in wife's itr then there will be mismatch with 26 AS. Pl tell me how to sort that.

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