As per S. 64(2) a gift by a member of a Hindu Undivided Family after 31-12-1969 would attract Clubbing of Income in the hands of the member and as such the income from the converted property shall be deemed to arise to the individual & not to the family. It means that when an asset is brought… Read More »
Exemption of Rs. 1,500/- for Income of each minor child u/s 10 (32), of Income Tax Act, 1961− (adsbygoogle = window.adsbygoogle || []).push({}); As per S. 10(32), in case the income of an individual includes the income of his minor child in terms of S. 64(1A), such individual shall be entitled to exemption of Rs. 1,500… Read More »
Income from assets transferred to a person for the benefit of son’s wife attract the provisions of S. 64(1)(viii) on clubbing of income, if- The taxpayer is an individual. He/she has transferred an asset after May 31, 1973. The asset is transferred to any person or an association of persons. The asset is transferred for the… Read More »
Income from assets transferred to a person for the benefit of spouse attract the provisions of S. 64(1)(vii) on clubbing of income, if- The taxpayer is an individual. He/she has transferred an asset to a person or an association of persons. Asset is transferred for the benefit of spouse. The transfer of asset is without adequate… Read More »
Income from assets transferred to son,s wife attract the provisions of S. 64(1)(vi) as per conditions below:- The taxpayer is an individual. He/she has transferred an asset after May 31, 1973. The asset is transferred to son‘s wife. The asset is transferred without adequate consideration. In the case of such individuals, the income from the asset… Read More »
Income from assets transferred to spouse becomes taxable under provisions of S. 64(1)(iv) as per following conditions:- The taxpayer is an individual He/she has transferred an asset (other than a house property) The asset is transferred to his/her spouse The asset is transferred without adequate consideration. Moreover there is no agreement to live apart. If the… Read More »
Concern could be any form of business or professional concern. It could be a sole proprietor, partnership, company, etc. An individual is deemed to have substantial interest, if he /she (individually or along with his relatives) beneficially holds equity shares carrying not less than 20 per cent voting power in the case of a company or… Read More »
‘Revocable transfer’ means the transferor of asset assumes a right to re-acquire asset or income from such an asset, either whole or in parts at any time in future, during the lifetime of transferee. It also includes a transfer which gives a right to re-assume power of the income from asset or asset during the… Read More »
‘Revocable transfer’ means the transferor of asset assumes a right to re-acquire asset or income from such an asset, either whole or in parts at any time in future, during the lifetime of transferee. It also includes a transfer which gives a right to re-assume power of the income from asset or asset during the… Read More »
S. 60 is applicable if the following conditions are satisfied: The taxpayer owns an asset. The ownership of asset is not transferred by him. The income from the asset is transferred to any person under a settlement, or agreement. If the above conditions are satisfied, the income from the asset would be taxable in the… Read More »