19 January 2016
I and my wife hold joint saving account. We both are senior citizens. Our only income is from FDs. My wife has also PAN card but she has not filed any income tax return as I am filing regular returns declaring all interest in bank accounts. Now can we split the FD interest in joint saving account 50% each and both file separate income tax return?. We will not have to pay any tax due to individual return filing. Will tax department will ask as to why she is filing return this year and did not do so till date. Our FDs are due to our savings as well as from the sale of MY house (income tax return with respect to this house sale transaction including capital gain is all assessed by tax department and refund claimed accepted and refunded. The house sold was on my name only).
19 January 2016
Yes , you can Split FD , Interest on TDS will be deducted if it is exceeded Prescribed Limit if your income is Less than the Limit Than you can give Form 15-H for Non deduction of TDS. Other wise you can deduct TDS and Claim adjust to Your Tax Liabality.
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