Fix deposit interest

Tax queries 503 views 4 replies

Hi,
I transferred money to my wife's account and done FD in her account.
There she has earned interest and 10% tax was deducted from there.
I came to know that, I need to add that fd interest earning in my earning.
So question is
-do I need to claim return (already deducted tax from wife's account) by filing wife's tax return and add interest in my earning and pay tax?
or there is any other proper way?

Thanks for help.
Manish

Replies (4)

Hi Manish,

The interest earned by your wife from FD shall be clubbed (included) in your income. U can claim benefit of TDS deducted as well.
If she doesnt have any other income,no need to file her IT return.

You can claim TDS in your own file if your file does not have a IT File.

ok, means TDS deducted in my wife's account, I can add in my return file as tax paid.

Thanks.

correct manish


CCI Pro

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