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AK | I am an NRI & my wife is a house wife. The interest earned on Fixed deposit is taxable. she is a house wife? |
She had a FD of approx. 780,000.00 for around 5 - 6 FD. is the interest earned on FD is taxable. she had no other income & house wife She don't have a PAN card also. |
 |
 
N.J.Reddy
|
It is better to apply for a PAN card for your wife.
Regarding treatment of tax.
You have given that amount to your wife. May be as a gift. In this case, the ITO will add her income to your income and you have to pay tax.
If the interest on FD earns Rs.10,000 or more for a financial year (Bank-Branch wise), then TDS will be deducted on the interest portion @10%.
7.8 lakhs FD will fetch only 70.000 interest. It is better to give form 15H in the bank so that they will not deduct any TDS. Do it fast. Go to the bank and do the needful.
Now for time beeing you think that the FD interest income belongs to your wife only. As her income is below taxable (including the FD interest), she need not file any returns. |
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delta
 |
depends on the interest rate. if the total interest is above rs 10,000 per year the bank will deduct tax @ 10% unless u give them form 15H every years. keeping in mind a maximum rate of 10 % interest, the total interest is not taxable in case she has no other income. but, once again, please contact your bank and submit form 15H so that the bank does not deduct TDS from the interest amount |
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Karthikeyan R
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You can check with your local IT office. |
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pintoo_charlie
 |
If the amount earned as an interest is within the limit of non-taxable income, then no tax. Depends on the duration of the deposit and interest rates you get. |
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joegoauk
 |
You should have opened a joint account. Your wife as housewife and you as an NRI, it's allowed.
And NRE a/c is not taxable if the money for fixed deposit were taken from your NRE account.
But now a days NRE Deposit get lesser interest than domestic deposit. NRE may get up to 3.5 % but domestic get upto 9.5 % and senior citizen get upt o 1% more.
Alternately, your wife could break and split the deposits into various names of the family or open new accounts with other banks and spread the money. This may not be ethical but one way of dodging the taxman. |
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www mittalji.com
 |
There is no word like house wife. All incomes are taxable.
She can get PAN. She can submit form 15G/ 15 H etc. If TDS, she can submit return for refund. |
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Joshi A
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As the income earned is below the prescribed limit for females no tax is payable.
Anyway get a PAN card - that is the sole identification for all financial transactions.
Consider other investment options which are tax-free.
good luck !!! |
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nekkalapudi a
 |
In this question what amount of interest earned in the FD . The interest amount is less than 145000 she need not pay any tax . If your wifes income is not exceeds 145000 so you can submitt form no 15G to the bank . The bank will not deduct any TDS amount in the interest amount . |
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Rav
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As far as i know, it shouldn't be taxable, ask knowledgeable insurance person or any bank clerk for more details. |
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