ITAT explains Provisions of Clubbing of Income of Wife with Husband

Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune) ITAT explains Provisions of Clubbing of Income of Wife with Husband- Allows Losses of F&O Business of Wife to be clubbed with Income of Husband Where the spouse (husband) of an individual (wife) transfers some assets otherwise than for adequate consideration or in connection with an agreement to live apart, then the income from such assets arising to the wife is liable to be included in the total income of the husband. Explanation 3 to section 64(1) deals with the clubbing provision in a particular situation in which the assets transferred by husba...