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POSTED BY ON February 20, 2013 11:48 am COMMENTS (2)
AM an NRI my wife&I had NRO joint account in India,my wife earned more than 2 lac bank intrest form FD’s,no other income(am sending money to our joint A/C & she had FD’S on her name by using my NRO funds) every month she is doing 7,5 Lac FD for 1year,so far we paid total 1.2 lac LIC’s,1lac child(2) educaion,at present no FD’s on her name all cancelled and bought agricultural land,my question is she need ITR file for 12-13 year or Do I need ITR file?(mine is NRI status)
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this problem we land up by either being emotional to impress wife or being smart to fool tax authorities. but it back fires.
any way this issue came up in one of the forums of interaction with IT authorities and they promised to take it up with their higher ups, but i do not know what is the outcome, may be we need to research.
any way try to keep lufe SIMPLE
regards
Dear Etaxmentor, there is a big problem in the whole reply given by you. The money was yours’ & you invested the same under your wife’s name. Now TDS on the FD intereste was debited & credited into Govt. Record against your wife’s name & pan. whereas as per clubbing provisions of section 64, this interest is liable to tax in your own name as the money is yours’ & you gave it to your spouse.
How are you going to rectify the problem of PAN updation so that first the TDS can be shown against your name & PAN Then only the question of filing ITR arise.
thanks
Ashal