Clubbing of income
This query is : Resolved
CA Mohit Aggarwal
(Querist)
29 August 2015
Sir/ Mam
Both the spouses have joint account when in service abroad. The income in the joint account was of husband only and now they are transferred to India and the husband want to invest the money which they have transferred from the foreign account in the FDR in the name of his wife. Will the clubbing provisions prevail here also since the income is not earned in India?
Both the spouses have joint account when in service abroad. The income in the joint account was of husband only and now they are transferred to India and the husband want to invest the money which they have transferred from the foreign account in the FDR in the name of his wife. Will the clubbing provisions prevail here also since the income is not earned in India?
Amol S Joglekar
(Expert)
29 August 2015
clubbing provision does not account for the place of earning. It talks of OWNERSHIP of funds.
Since the ownership of the funds dates back to husband, the same shall be clubbed subject to however section 64
Since the ownership of the funds dates back to husband, the same shall be clubbed subject to however section 64
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