Saving account

Hi

Money can be deposited in her account but whatever income is generated with your money in her account,that income will be clubbed in your income only .

Under which section TDS is deducted ?

As such there is no limitation but whatever income is generated with your money in her account will be clubbed in your hands.

Regards,

Nikhil

Yes, if there is any income generated you will need to show in your return.

Are you going to gift your wife some money if this is the case then you should not do it because any income earned on such gifted amount would be charged in your income because of clubbing of income. However if you are thinking of depositing some money in your wife's account by cash then also the amount should be below 5 lakh it would be safe because above 10 lakh there is a circular given to bank to report such account. Also you need to show in ITR that from where did you get such money.

If TDS has been deducted in your wife's account then you need to show such income properly because income tax department will check whether such amount has been properly reflected in your bank account or not.

If you want any further details or consultancy you can book a consultancy for tomorrow and get solution or suggestion for your query.

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Thank you

Dear Sir,

Hope you are doing well !

As such there is no limitations on depositing money.

However, income earned from this will be clubbed in your hands.

Thanks & Regards,

Payal Chhajed

Yes interest earned to be included in your income and to be declared under clubbing provision of income tax.

Dear Sir,

Yes, you can deposit money in your wife account.

The income earned from this deposit will be clubbed in your hands.

Income earned (such as Interest) from the money deposited in your wife's account will be taxable in your income tax return by way of clubbing.

Hi,

- Amount deposited by you in your wife account will be treated as gift. Draft a proper gift deed. Your wife needs to show such amount in ITR under exempt income schedule. There is no deduction of TDS by bank in Saving account. You need to show entire interest as income from other sources and claim deduction u/s 80TTA upto Rs.10,000. If your wife invest further in other avenues and TDS gets deducted on her name then you need to club such income in your income and claim corresponding TDS in your ITR.

Thanks

Hi,

Depositing money in any account is not considered as an income. Income-tax is levied on the income earned by a person.

I presume that the money to be deposited in your wife account is a legitimate income in your hands which would have been taxed. However, if you are depositing cash which is not accounted then there could be query from income-tax authorities.

Ideally, since your wife is not herself earning any income, this amount would be taxed in your hands and any interest arising therefrom should also be taxable in your return.

Deposit Amount less than Rs. 50000 at a time , further can you please provide exact amount details which you want to deposit in her account. but not deducting TDS on saving bank interest.

Hi

You may transfer such amount to your wife as gift. Your wife needs to show it as exempt income in her ITR.

However, any income arising out of such funds transferred by you shall be clubbed and shall be taxable in your hands.

Yes, income needs to be shown in your ITR.

Yes, if any further income incurred then you will have to show in ITR.

As discussed, income needs to be shown in ITR.

It may be treated as gift & clubbing provision u/s 64 will be applicable means any income from such gift if any will be clubbed in your hand