Do housewives need to file ITR without a salary? Here's what you need to know before filing

Filing an income tax return is an important financial responsibility and is commonly associated with salaried individuals and business owners. However, homemakers who do not work outside the home may also have to pay tax and file an ITR if they earn income from sources such as interest, rent, investments or other means.

A homemaker may not have a job or a fixed salary, but that does not mean she cannot have an income. If a homemaker earns through bank interest, fixed deposits, rental income, investments or any other source, it becomes important for her to understand the income tax rules and, where applicable, file tax returns.

What Do the Rules Say?

Under the Income Tax Act, a homemaker generally does not need to file an ITR if her annual income is below the prescribed basic exemption limit. For individuals below 60 years of age, this limit is Rs 4 lakh under the new tax regime and Rs 2.5 lakh under the old tax slab. If a homemaker's income is above this limit, she may have to file an ITR according to her income. A different income limit also applies to super senior citizens above 80 years of age.

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What Can Be the Sources of Income for Housewives?

A homemaker may not be in formal employment, but she can still have income from other sources. Let’s take a look at what these sources of income could be:

If a husband gives money to his wife for running the household, it is generally not treated as the wife's income, even if the money is deposited in her bank account.

If there is a fixed deposit in the homemaker's name, the interest earned from it is treated as her income and may be taxable under the rules.

If a husband invests his own money in the wife's name, the investment and the income arising from it may be assessed differently under tax rules. In some cases, that income may also be clubbed with the husband's income.

Certain gifts received from relatives may be exempt from tax. At the same time, if gifts received from non-relatives exceed a total value of Rs 50,000 in a financial year, they may become taxable.

How to Determine Taxable Income?

To calculate taxable income, homemakers should add all taxable earnings, including interest from bank deposits or fixed deposits, rental income and returns from investments. After this, they can reduce the deductions and exemptions available to them. These may include deductions on PPF, NSC, health insurance and eligible donations.

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In short, homemakers who do not earn a salary may still come under the tax net if they have income from interest, rent, investments or certain gifts. Whether they need to file an ITR depends on the source of income, the applicable exemption limit and the deductions available under the rules.