Income tax return for housewife.

There is no need for her to file the return.

I am an NRI. I get rental income in India, which is well above taxable limit. I know I cannot open a PPF account in my name. Can I open a PPF account in my wife's name, who is a resident Indian and deposit from rental proceed to claim deduction under section 80c.

Dear Sudarshan,

Yes, you may do so.

Don't need to file any return in Housewife in this case only.

No need to file return for the Housewife

Dear Sir/Madam,

My mother (56 Years old) is a housewife & have 5 lakh deposit in her saving account which she has got after selling of her jewellery and she has no other source of income so she wants to invest that money in Fixed Deposit in Banks. 

So please advice me should she have to file IT return or not.

And also advice me how she can save TDS if its applicable of FD.

Thanks

Albert Desouja

Dear Sir/Madam

My mother is a housewife and gets the house rent from my father . She is investing the money in Mutual Fund in her own name. What would be the Tax implications. , Is she liable to file the return when the units of Mutual Fund are redeemed or will it get clubbed up with my father's income.

Please advice.

Thanks

Dear Albert,

In case TDS has been deducted from the interest income from FDs, kindly file ITR 1.

Dear Rajesh,

1. The rental income is taxable under the income head "income from house property"

2.  Exemption for Investment in mutual funds can be claimed under section 80C.

3.  Redemption of Investment in mutual fund equity schemes is tax exempted

4.  None of the above income is liable for clubbing with the husband's income.

Originally posted by : nikhil
	Dear Albert,   In case TDS has been deducted from the interest income from FDs, kindly file ITR 1.

Dear Nikhil,

As per your advice my mother have to file ITR 1 because TDS will be deducted but could you please tell me can we give declaration form 15G to bank or if she file ITR 1 then she can claim for the return of TDS because my mother has no taxable income she has not file any return in her life.

She has only 5 lakh deposit in her saving account which she has got after selling of jewellery which she want to invest for the getting the income

Please advice me what is better way to save TDS for her

Thanks

Dear Albert,

Sorry, my advice was assuming that your mother's income is more than the taxable limit.

As you just mentioned now, in case of your mother doesn't have taxable income, you may go ahead with filing Form 15G.

Thanks Nikhil for your generous advice, it has cleared my  confusion. I really appreciate your efforts.

Thanks again.

Rajesh

Dear Rajesh,

its my pleasure.  Do let me know if you need any other help.

Hello Mr Nikhil,

I want to claim HRA and my landlord is a housewife. She has income from rent only. I am paying about 30000 Rs per month as rent. Does she need to file income tax?

Thanks in advance

 Gaurav