Income Tax Return on interest received from FD

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)
Quick Summary
This discussion clarifies income tax obligations for interest earned on Fixed Deposits (FDs) from gifted money. It confirms that if the annual interest exceeds the basic exemption limit, an Income Tax Return (ITR 1) must be filed to claim any deducted TDS. It also addresses claiming home loan interest, stating that both joint owners can claim the interest paid if they are joint owners of the property.

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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