Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

General Law applicable to Clubbing of Income

Income Tax - Clubbing of Income - Income of other person to be included - 12 - The clubbing shall continue to apply even if the transferee has converted the transferred assets to some other form. Income shall include loss also. Therefore, losses are also to be clubbed. If the transferee sells the transferred assets, then capital gains shall also be clubbed with the income of the transferor. Income arising out of income earned on transferred assets has not to be clubbed. The Supreme Court in the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

place even if the assets are indirectly transferred or transferred through cross transfers. If interest free loan is given by husband to wife/ individual to son s wife/ individual to his HUF, and the person to whom the loan is given purchases an asset out of the loan, then income from such asset shall not be clubbed in the hands of the person who has given the loan. This is because giving a loan is not a transfer of assets. Clubbing applies when assets are transferred for inadequate considerati .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version