TMI BlogWife or minor child of individual incurs loss, which if it were income would be includible in income of that individual - Whether such loss should be treated as if it were loss sustained by that individualX X X X Extracts X X X X X X X X Extracts X X X X ..... udible in income of that individual - Whether such loss should be treated as if it were loss sustained by that individual CLARIFICATION 1 1. Reference is invited to the Board's Instruction No. 405 [F. No. 208/2/71-IT (A-II)], dated 6-4-1972, on the above subject. 2. On the basis of the decision of the Gujarat High Court in the case of Dayalbhai Madhavji Vadera v. CIT [1966] 60 ITR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 104 [F. No. 208/8/72-IT (A-II)], dated 19-2-1973 . CLARIFICATION 2 Attention is invited to the Board's Circular No. 35 of 1941, on the above subject. It was laid down therein that where the wife or minor child of an individual incurs a loss which if it were income would be includible in the income of that individual under section 16(3) of the 1922 Act, such loss should be set-off ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ward under section 24(2). The wife or the minor child would, therefore, be assessable on the personal income of Rs. 5,000. If in any case the wife or minor child claims a set-off of the loss against the personal income, it should be brought to the notice of the Board. The Board's Circular No. 35 of 1941 is hereby cancelled. Circular : No. 20 of 1944 [C. No. 4(13)-IT/44], dated 15-7-1944 . ..... X X X X Extracts X X X X X X X X Extracts X X X X
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