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Me and my wife both are Senior Citizen. Some of the amount belonging to me was invested in bank FD in her name. The interest earned on the FD is included in my total income but TDS certificate is issued in the name of my wife by the bank. My wife does not have any other income. Can I show my wife’s TDS certificate details in my ITR and claim TDS amount?
Since the money used to make fixed deposits in your wife’s name belongs to you, the same is required to be clubbed with your income as per the provisions of income tax act.
As per the provisions of rule 37BA(2)(i) of the Income Tax Rules, 1962, your wife can submit a declaration to the bank stating that the interest income is taxable in your hand and not in her hand with your PAN details and the bank then will furnish your details to the income tax department so that you can claim and get the credit for the tax so deducted. The ITR forms have functionality to facilitate claim of TDS where income of any other person is required to be included in your income and where tax has been deducted in the name of that person. While including her income in your ITR please mention her PAN.
In case she does not have any tax liability, she should furnish form No. 15H to the bank so that no tax is deducted by the bank. I would advise you to make the FD is your name instead of her name because the income is anyway being included in your hand to avoid all these hassles.
Balwant Jain is a tax and investment expert and can be reached on jainbalwant@gmail.com and @jainbalwant on Twitter.
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