9911796707
TMI BlogIncome of individual to include income of spouse, minor child, etc.X X X X Extracts X X X X X X X X Extracts X X X X ..... r professional qualifications and the income is solely attributable to the application of his or her technical or professional knowledge and experience ;] (iii) 5[****] (iv) subject to the provisions of clause (i) of section 27, 6[* * *] to the spouse of such individual from assets transferred directly or indirectly to the spouse by such individual otherwise than for adequate consideration or in connection with an agreement to live apart ; (v) 7[****] (vi) to the son's wife, 8[* * *] of such individual, from assets transferred directly or indirectly on or after the 1st day of June, 1973, to the son's wife 9[* * *] by such individual otherwise than for adequate consideration; 10[* * *] (vii) to any person or association of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thout a further right to participate in profits) carrying not less than twenty per cent of the voting power are, at any time during the previous year, owned beneficially by such person or partly by such person and partly by one or more of his relatives ; (ii) in any other case, if such person is entitled, or such person and one or more of his relatives are entitled in the aggregate, at any time during the previous year, to not less than twenty per cent of the profits of such concern. Explanation 2A.-15[****] 16[Explanation 3.-For the purposes of clauses (iv) and (vi), where the assets transferred directly or indirectly by an individual to his spouse or son's wife (hereafter in this Explanation referred to as "the transferee&quo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e by him ; or (b) activity involving application of his skill, talent or specialised know-ledge and experience. Explanation.-For the purposes of this sub-section, the income of the minor child shall be included,- (a) where the marriage of his parents subsists, in the income of that parent whose total income (excluding the income includible under this sub-section) is greater ; or (b) where the marriage of his parents does not subsist, in the income of that parent who maintains the minor child in the previous year, and where any such income is once included in the total income of either parent, any such income arising in any succeeding year shall not be included in the total income of the other parent, unless the Assessing Officer is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the income derived from such converted property as is received by the spouse 23[* * *] on partition shall be deemed to arise to the spouse 24[* * *] from assets transferred indirectly by the individual to the spouse 25[* * *] and the provisions of sub-section (1) shall, so far as may be, apply accordingly :] Provided that the income referred to in clause (b) or clause (c) shall, on being included in the total income of the individual, be excluded from the total income of the family or, as the case may be, the spouse 26[* * *] of the individual. Explanation27[1].-For the purposes of sub-section (2),- 28[* * *] "property" includes any interest in property, movable or immovable, the proceeds of sale thereof and any money or inves ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Words "or son's minor child," omitted by the Finance Act, 1992, w.e.f. 1-4-1993. 10. "and" omitted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. 11. Words "or minor child or both" omitted by the Finance Act, 1992, w.e.f. 1-4-1993. Earlier these words were amended by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985 and Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 12. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985. 13. Words "or son's minor child or both" omitted by the Finance Act, 1992, w.e.f. 1-4-1993. 14. Substituted for existing Explanations 1 and 1A, by the Finance Act, 1992. Prior to substitution, Explanations 1 and 1A were ame ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
