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Clubbing income transactions closed procedure

This query is : Resolved 
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(Querist)
29 September 2022 SIR,
Assessee cash gift to wife value rs:40 lacs after clubbing income show in husband it returns .
Question:
Assessee clubbing income transactions closed procedure in books and it returns.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
29 September 2022 The clubbing is for income tax assessment. So, it needs to be declared in respective ITR. No need to change the same in books of accounts. Let the income from the gift amount remain in the hands of wife.
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