Section 64

Clubbing of income of a Minor Child with Income of parent

Income Tax - Applicability of clubbing provisions on the income of a Minor Child ♦ The income of minor child will be clubbed in the income of that parent (mother/father) whose total income [excluding the income of the minor child under section 64(1A)] is greater. ♦ In a case where the income of the minor child is once […]...

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Clubbing of income from the asset transferred to Spouse

Income Tax - Clubbing Provisions on the income from the asset transferred to Spouse Clubbing of income means the inclusion of income of a person in the gross total income of the major earner while computing his/her taxable income. In general, these clubbing provisions are applicable among family members. The income of a spouse, child are clubbed toget...

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Clubbing of income from assets transferred to Son’s Wife

Income Tax - In computing the gross total income of an individual after 31.05.1973, income arising whether directly or indirectly from the assets transferred to son’s wife for inadequate consideration shall be clubbed in the income of that individual....

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Clubbing of Your Income with Income of your Spouse

Income Tax - There are certain occasions when the income of your spouse gets clubbed with your income. So, if you are planning to transfer any of your income or any asset to your spouse to avoid the associate tax on such income, hold on.  There are certain specified situations when the income of both the husband as […]...

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Clubbing of Income | Income Tax Act, 1961 | Section 64

Income Tax - Clubbing of income, means addition of income of other in the gross total income of a person, while computing his/her taxable income. Generally, it is applicable in family. Income of a spouse, child may be clubbed with income of major earner of the family. Provisions of Section 64 of the Income Tax Act, 1961, deals […]...

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ITAT explains Provisions of Clubbing of Income of Wife with Husband

Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune) - 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 considera...

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Recent Posts in "Section 64"

Clubbing of income of a Minor Child with Income of parent

Applicability of clubbing provisions on the income of a Minor Child ♦ The income of minor child will be clubbed in the income of that parent (mother/father) whose total income [excluding the income of the minor child under section 64(1A)] is greater. ♦ In a case where the income of the minor child is once […]...

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Posted Under: Income Tax |

Clubbing of income from the asset transferred to Spouse

Clubbing Provisions on the income from the asset transferred to Spouse Clubbing of income means the inclusion of income of a person in the gross total income of the major earner while computing his/her taxable income. In general, these clubbing provisions are applicable among family members. The income of a spouse, child are clubbed toget...

Read More
Posted Under: Income Tax |

Clubbing of income from assets transferred to Son’s Wife

In computing the gross total income of an individual after 31.05.1973, income arising whether directly or indirectly from the assets transferred to son’s wife for inadequate consideration shall be clubbed in the income of that individual....

Read More
Posted Under: Income Tax |

Clubbing of Your Income with Income of your Spouse

There are certain occasions when the income of your spouse gets clubbed with your income. So, if you are planning to transfer any of your income or any asset to your spouse to avoid the associate tax on such income, hold on.  There are certain specified situations when the income of both the husband as […]...

Read More
Posted Under: Income Tax |

Clubbing of Income | Income Tax Act, 1961 | Section 64

Clubbing of income, means addition of income of other in the gross total income of a person, while computing his/her taxable income. Generally, it is applicable in family. Income of a spouse, child may be clubbed with income of major earner of the family. Provisions of Section 64 of the Income Tax Act, 1961, deals […]...

Read More
Posted Under: Income Tax |

ITAT explains Provisions of Clubbing of Income of Wife with Husband

Uday Gopal Bhaskarwar Vs ACIT (ITAT Pune)

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 ...

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Clubbing of Income under Income Tax Act, 1961 -Section 60 to 64

Inclusion of others Incomes in the income of the asses see is called Clubbing of Income and the income which is so included is called Deemed Income. It is as per the provisions contained in Sections 60 to 64 of the Income Tax Act....

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Posted Under: Income Tax | ,

Clubbing Provisions of Income of Minor

Nowadays, it is observed that a lot of young talented kids are being hired in different fields like acting, singing, choreographing, etc., and they are paid handsome amount for their skill and talent. The question arises is whether the income earned by these children are taxable and if yes, in whose hands, will it be taxable....

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Exemption on Income arising out of Maintenance Money of ‘Minor’- Report

Whether the provisions of section 64(1A) of the Income Tax Act, 1961 require an amendment to provide for exemption from clubbing of minor's income accruing by way of interest on the amount deposited by one of the parents of the minor child as maintenance, at the hands of parent/guardian, under an order of the Court. ...

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Posted Under: Income Tax |

Clubbing of Income and related provisions- Part II

Anjali Goyal In My Previous Article titled Clubbing of Income and related provisions- Part I I have discussed the meaning of Clubbing, When it is applicable, and some of the provisions related to Clubbing. In this article I have further covered the remaining provisions :-  Analysis of ‘Revocable’ transfer of asset As per the provisio...

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Posted Under: Income Tax |

Clubbing of Income and related provisions- Part I

Anjali Goyal What is Clubbing of Income? Clubbing of Income is basically the concept of imposing tax on other person than the actual recipient of the income where other person is the transferor who diverted such income or transferor of the transferred asset out of which income has been generated. When concept of clubbing of […]...

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