All,
Seems very simple yet a little complex to me. My wife is a housewife and has her own Saving A/Cs. My questions Below:
1. Can she book regular FD with the Money I am giving her everyday/Month/Year?
2. Can I gift my money to my Wife and have it recorded in Plain paper with both of our signature and the money becomes her? is it possible?
3. I know if the interest earned less than 10,000, TDS is not applied. What if the interest earned for a financial year is more than 10,000. If she submits Form 15G, is that the whole interest is free?
4. If she opens sweeping FDs where the maturity amount again gets fixed for a specified time-period, is that still the TDS will be deducted if it is more than 10,000 INR.
5. What if her total income by means of interest earned is below 2L, is she responsible/accountable for filling Income tax. If yes, which forms are required. I believe, she will not have Form 12A/B from employer, is that only Form 15 is enough.
6. Any other better option park some money for near future use….apart from MFs.
Thank you for patience in reading and resolving my queries.
Regards
deb