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How can I get a TDS refund for interest earned by my wife on an FD I funded?

T S Khurana |477 Answers |Ask -Follow

Tax Expert - Answered on Feb 19, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Nilima on Jan 13, 2025Hindi

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Thanks for replying. Still it is not clear Sir, I transfer fund without any consideration to non earning wife's account and she invests in FD, earns interest, tds is deducted in her pan. If the intt us taxed at husband's hand under clubbing and IT is paid, then how the tds already deducted would get adjusted) refunded even if separate ITR is filed by her as his pan number will show the interest income in her ITR. No refund will be processed under such circumstances. So plz guide.

Ans: 01. When Interest Income of Spouse is being clubbed with your income, you can certainly claim TDS deducted in wife's account. There is certain procedure to be adopted.
02. Your wife shall file a declaration to the bank (TDS deductor), under proviso to Rule 37BA(2), furnishing particulars of her husband, to enable the deductor to issue TDS certificate in the name of her husband.
03. However, I would like to suggest you to avoid all these problems & transfer FDR in your joint name, with your first name & PAN number. TDS deducted will automatically be deposited in your name. In both the cases, Tax amount would remain same, but unnecessary paper work & formalities would be avoided.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Dear Sir i am 30% slab on tax and i have fds also . i believe only on FDs .but intrest also become taxable 30% . some body told me that if i transfer my fund to wife and son and fd there then no proble . please tell me that if i tranfer 25 lk to wife and make fds there is it taxable to me or not . is 25lk tansterd income become taxable to her or not only intrest taxable please clearify

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Asked by Anonymous - Jan 12, 2025Hindi

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Interest income of FD in non earning housewife's name is taxable in the hand of husband under clubbing of income. But as of now bank FD can not be opened without PAN number, so TDS deducted is only reflected in her pan account. So how clubbing of income will get reduced by the tds deducted in husband's it liability?

Ans: Under normal circumstances, Interest Income form bank deposits is not clubbed with the income of her husband, unless the amount of deposit has been transferred by her husband to her without any consideration.
Separate ITR needs to be filed in her case & you can claim TDS in her account.
Most welcome for any further clarifications. Thanks.

T S Khurana |477 Answers |Ask -Follow

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Question by Nilima - Jan 12, 2025Hindi

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If money is transferred to his mother (non earning Sr Ctz housewife) from Son's account, would the interest income on FD or SCSS investment made by his mother in her name be clubbed with husband's (retired Sr Ctz) income ?

Ans: No. Such income cannot be clubbed with the income of her husband, since the amount was not transferred by her husband to her account.
Most welcome for any further clarifications. Thanks.

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