Wife's pan number while clubbing income

Others 1014 views 2 replies

sandeep

28 Points Posted on 20 November 2011

Hello Members,

While clubbing my wifes income (interest she received on an FD that I deposited in her name) with mine, I noticed that there is no provision to enter her PAN number while filing my return (Not seen in ITR-1(SAHAJ), its just shown as "Other income"). But while depositing this FD in her name, we had submitted her PAN number to the bank.

So, I can see a disconnect here. The FD in bank carries her PAN number, whereas my return does not have it. Now, how the IT guys are going to know whether we have filed return on this specific FD?

Thanks

Sandeep

Replies (2)

CA GOVIND KRISHNA AGARWAL

202 Points Posted on 23 November 2011

it can not be claimed, as the bank does have information that you have invested in name of wife, if u disclose such things to bank then bank will make deposit the amount in your name and keep wife as co-depositor, however u have option to take credit of interest in wife's account, and TDS would go in your account.

Bank has treated the amount as wife's own fund and done accordingly, so she has to claim refund in her own file.

regarding clubbing, its between yourself and wife, neither bank nor the income department asked you to tender the funds to wife, so if such transaction reflect from your records then its clubbed and your burden is increased by the amount of clubbing,