_ap_ufes{"success":true,"siteUrl":"www.investmentyogi.com/w","urls":{"Home":"http://www.investmentyogi.com","Category":"http://www.investmentyogi.com/category/alternative-investment/","Archive":"http://www.investmentyogi.com/2015/02/","Post":"http://www.investmentyogi.com/salient-aspects-of-union-budget-2015/","Page":"http://www.investmentyogi.com/nri/","Nav_menu_item":"http://www.investmentyogi.com/trending/","Wpcf7_contact_form":"http://www.investmentyogi.com/?post_type=wpcf7_contact_form&p=5591","Flare":"http://www.investmentyogi.com/flare/email/"}}_ap_ufee

Yogi Zone

Useful articles for your finance management by our team of experts

tax deduction on bank recurring deposit

0 Flares 0 Flares ×

Question:

I need some queries on tax relief.

 

I have opened 2 recurring deposit with 1000 of monthly installments for time period of 5 years on my wife name. She is not working. Is there any suggestion for which I can a tax relief on this.

Answer:

There is no TDS on bank recurring deposit account. However, interest earned upon maturity is taxable and to be included in your taxable income. Interest earned on amount gifted to your wife is taxable as your income under ‘income from other sources’ under the clubbing provisions of Section 64 of the IT Act

0 Flares Facebook 0 Google+ 0 Twitter 0 Email -- 0 Flares ×