Form 15G

919 views 4 replies

Aparnaa

Student

349 Points Posted on 20 March 2010

1. As Form 15G is self declaration form, can i submit it when the interest income from all deposits taken together exceeds maximum amount not chargeable to tax, BUT individual fixed deposit interest income is less than 10,000 in a bank?

2. If a salaried employee makes deposit in his wife name who is a home maker, is there any way to avoid clubbing? say, she earns income from taking tuitions, the source of income though can't be established. If this is feasible, what should be specified as "Occupation" in Form 15g for that home maker?

Replies (4)

Ram Avtar Singh

Nagari Sultanpur U.P.Delhi

15539 Points Posted on 20 March 2010

If investment in a tax saving FD is made in a relative's name (wife, son / daughter - children, brother / sister - sibling, father / mother - parents), it is not considered for deduction u/s 80C. The investment has to be in assessee name.

Thus, investment by assesee in a fixed deposit in the name of his wife would not count towards section 80C investment.

Ratan Deep Saxena

Asstt Manager (Accounts & Finance)

2998 Points Posted on 20 March 2010

Yes, She cn file return as business income for tuitions and file ITR-4 for that. Moreever, she cn claim interest on deposit in her own income.

regards,

ratan

Ram Avtar Singh

Nagari Sultanpur U.P.Delhi

15539 Points Posted on 20 March 2010

Mr ratan is right

CA RITESH JUNEJA

CA DISA B COM

151 Points Posted on 20 March 2010

for point 1 you can not submit FORM 15 G.

for point 2- generally salaried person is subject of tds and when once TDS IS DEDUCTED ON HIS SALARY IT DOES NOT MAKES ANY DIFFERENCE THAT HE MAKES FD DEPOSITS IN NAME OF HIS WIFE OR NOT,BECAUSE IT IS JUST APPLIACTION OF ALREADY TAXED INCOME. BUT IF THERE IS NO TDS NOR ANY SALARY CERTIFICATE LIKE IN UNORGANISED SECTOR, THEN HE CAN GO FOR FREELY BY SHOWING IT AS INCOME OF WIFE BY WHATEVER SOURCE. YOU MAY GIVE MORE FACTS TO BE VERY CLEARCUT ON WHAT SHOULD BE THE BEST TO BE DONE.