I worked in abroad for 2 years during 2006-2008. During the period, I visited India a couple of times with less than one months stays. I have made wire transfers to my wife who has a joint account with me in India. She invested that money as Bank Deposits in Rupees mostly on her name, while keeping my name as a joint investor in some deposits.
Please tell me whether these deposits come under taxable income and necessite for me to file Income Tax Return for the current financial year ?
RE:Dear Mr. Amitabh ji,
by Amitabh on Apr 30, 2008 04:08 PM Permalink
You are a non resident in India.You have transferred money to your wife in India.The income that she earns as interest on the same will be clubbed with your income.But as you are a non resident in India so you need not pay tax on salary earned abroad.If the interest income that your wife earns (which will be clubbed with your income) alongwith any other income ,if any,that you earn in India exceeds the initial exemption limit (Rs 1,10,000 for the year 2007-08,only then you will need to pay tax and file your return.
