TDS on FD, form 15G

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harish (Querist)
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29 November 2008 I have taken FD on my wife's name, she is housewife and not earning. Should she submit form 15G to the bank to avoid TDS.

What is the criteria for filling of form 15G. Would she be getting queries about FD money from IT deptt

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 November 2008 If your wife is < 65 years file 15 G otherwise 15 H. This is only for paying interest on FD without deducting income tax.

Criteria is if interest income is less than the taxable limits the said forms can be filed.

Query from IT department and 15G/H are not directly related.

harish

harish (Querist)
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29 November 2008 So even if she is not earning,I can take FD on her name and my wife can file form 15G because her age is less than 65 yrs.

Please correct me if my understanding is wrong.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 November 2008 My answer was about filing of form 15G/H.
Putting money in wife's name, though she is not earning,is up to you.
But if a query comes from IT department your wife have to prove the source of money.If the source is not proved the deposited amount will be treated as her income on which tax, interest, penalty has to be paid and prosecution proceedings may also to be faced. May I add that if your wife says that the money is given by you then the FD interest amount will be treated as your income and will be assessed in your hands.Pl keep it in mind that these are the provisions of the income tax act and not my creation.

harish

harish (Querist)
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29 November 2008 Thanks my doubt is clear now

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