banner_ad

Clubbing of Wife's Income from FD Investments

This query is : Resolved 
Profile Image

Profile Image

(Querist)
28 January 2025 A husband falls under the 30% tax bracket. He invested approximately 10 Lakhs in fixed deposits in his wife's name. The wife earned approximately Rs. 70,000 in interest, and TDS of Rs. 7,000 was deducted by the bank. Unaware of the income clubbing provisions, the wife filed her ITR and claimed a refund of Rs. 7,000.

In the current financial year, the wife is expected to earn around Rs. 200,000 in interest due to further investments in FDs. Some TDS has already been deducted.

Given the potential application of clubbing provisions in previous years, is there a risk of receiving a notice from the Income Tax Department?

Can we continue to file separate ITRs, or should we consider clubbing the wife's income with the husband's income this year?"
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
30 January 2025 1. Yes, likely.
2. File husband's ITR with interest income clubbed to his file. He can even claim the TDS deducted in wife's PAN.
Profile Image

sameer joshi

Profile Image

sameer joshi (Querist)
30 January 2025 Thanks for the reply.
How to file wife's return. Should she file nill return? How to show interest income in wife's ITR?
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
30 January 2025 File the return of wife without the interest income. Declare the TDS deducted as that belonging to her husband.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
04 May 2026
Articleship

S.K Gairola & CO

New Delhi

B.Com

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
29 April 2026
Internal Auditor

SNCO

Mumbai

CA Inter

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
Featured 29 April 2026
Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details