TMI Blog2004 (5) TMI 59X X X X Extracts X X X X X X X X Extracts X X X X ..... ade by the wife of the applicant will be clubbed with the income of the applicant - Such income under the head Capital Gains, shall be excluded from the total income of applicant's wife. - 626 OF 2003 - - - Dated:- 24-5-2004 - Hon'ble Mr. Justice Syed Shah Mohammed Quadri (Chairman) and Mr. K.D. Singh (Member) RULING (By Mr. K.D. GUPTA) - Shri G.T. Jarani, the applicant is a non-res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w that in terms of Section 64(1)(vii) of the Income Tax Act, 1961, the income of Capital Gain made by the applicant's wife is to be included in the applicant's income and the income so arrived at will be liable to tax in the hands of the applicant. It is also stated that the Capital Gain so included in the applicant's income shall be excluded from the total income of his wife Smt. Kamla G. Jarani. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owever, vide his letter dated 2 nd April, 2004 has requested that the said application be proceeded with after taking into consideration the views expressed in the rejoinder. In the rejoinder, the applicant has explained the facts regarding making of gift and has relied on the statement made with the application. 5. Section 64(1)(iv) lays down that in computing the total income of any individu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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