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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 .....

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case of J.H. Gotla held that the clubbed income shall be retained under the same head in which it is earned. Therefore, business income of a minor child shall be clubbed in the hands of the parent under the head Profit and gains of a Business or Prof .....

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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 ass .....

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