Income Tax Return on interest received from FD

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Hi All,

I have multiple queries related to income tax returns.

1. My wife is not working and received amount from her parents as a gift. She put that amount in FD and receiving the Rs 2,00,000 lacs from interest every year. Whether she needs to file income tax return and if yes, which form she need to use for filing income tax return.

2. I am a salaried person, wife is non-working and we have took HomeLoan on joint name. We are paying more than 4 lacs interest per year on HomeLoan. Can we both show interest on HomeLoan in income tax return.

Thanks in Advance

Regards.

 

Replies (3)

1. To claim refund of TDs deducted by bank, you need to file return. File ITR 1.

2. Yes, provided both are joint owners of the house.

Thank you for providing the information

You are welcome.             

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