One of my clients is having Bank FD in joint name with his wife as 2nd Holder.
Later,he gifted the FD to his wife and at the time of renewal of FD, his wife's name has been included as First Holder by Bank and hence TDS has been deducted in his wife's name.
26AS of wife confirms FD Intt Income from Bank.
As far I am aware, clubbing provisions will apply here and the interest income will be included in the Husband's Income.
But my concern is how to show the interest income in wife's return as TDS has been deducted in her name by Bank and the same needs to be shown in itr to avoid any mismatch.
Request to please guide.
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Clubbing of Income FD Intt
Replies (8)
Quick Summary
You have to show it in husband's name. There is option to fill TDS details deducted in name of some one else.
TDS can be transferred to others.Ref section 5A or rule 37BA(2)
Correct. But question is where in wife's return the interst income will be shown as same is clubbed n shown by husband in his return
The entire income will be clubbed with husband's income.
Right. But wife's 26as will show her interest income. And she may have other source. How n where to reflect this clubbed interest income
In both return details to be shown in TDS schedule.
DM me for more information.
DM me for more information.
Thanks Mam. But income from other source in wife return has to be shown clubbed income plus her own income. And in husband income it has to be shown as spouse income. Wont the income will be subject to double taxation?
Sorry I could not send you DM as not awarre of your contact details
I message you
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