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2004 (5) TMI 59 - AAR - Income TaxApplicant, a non-resident, gifted shares of Indian companies to his wife out of natural love - Out of these shares, some were sold by her - This resulted in earning income in the form of capital gains on the investment originally made by the applicant - Income under the head Capital Gains made by the wife of the applicant will be clubbed with the income of the applicant - Such income under the head Capital Gains, shall be excluded from the total income of applicant's wife.
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