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 ..... here the spouse possesses technical or 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( i ) in a case where the concern is a company, if its shares (not being shares entitled to a fixed rate of dividend whether with or without 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ] : Provided that nothing contained in this sub-section shall apply in respect of such income as arises or accrues to the minor child on account of any- ( a ) manual work done 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 inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eof 21 [ * * * ] shall be deemed to arise to the individual and not to the family ; 22 [ ( c ) where the converted property has been the subject-matter of a partition (whether partial or total) amongst the members of the family, 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 fami ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... troduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 7. Omitted by the Finance Act, 1992, w.e.f. 1-4-1993. Prior to its omission, clause (v) amended by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 8. Words or son's minor child, omitted by the Finance Act, 1992, w.e.f. 1-4-1993. 9. 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. 1-4-1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perty of the family omitted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 22. Substituted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 23. Words or minor child omitted by the Finance Act, 1992, w.e.f. 1-4-1993. 24. Words or minor child omitted by the Finance Act, 1992, w.e.f. 1-4-1993. 25. Words or minor child omitted by the Finance Act, 1992, w.e.f. 1-4-1993. 26. Words or minor child omitted by the Finance Act, 1992. Earlier word child was substituted for son by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 27. Inserted by the Finance Act, 1979, w.e.f. 1-4-1980. 28. (1) omitted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 29. C ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
