clubbing provisions

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gautam thakur (Querist)
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04 August 2016 dear members, A plot of land allotted to husband in 1991 was gifted to wife in 2009 and now wife has sold the plot and clubbing provisions apply. the query is in whose name bonds of 54EC will be purchased husband or wife ?

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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05 August 2016 Yes the clubbing provision is applicable. It will be clubbed with the person whose has higher income.

gautam thakur

gautam thakur (Querist)
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05 August 2016 Mam,
The query is in relation to in whose name investment in 54EC bonds will be done ?

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gautam thakur

gautam thakur (Querist)
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05 August 2016 Mam,

In my query husband is a businessman and wife is a housemaker, so husband's income is more .

gautam thakur

gautam thakur (Querist)
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05 August 2016 about 54EC bonds since clubbing says it will be in name of transferor but wife is reciepient of money. So whether we purchase in name of husband (transferor) or wife ?

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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05 August 2016 If it is clubbed in the husband's income, it would be advisable to purchase in the name of husband.

gautam thakur

gautam thakur (Querist)
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10 August 2016 can we purchase it in name of wife seeking that if income is clubbed, the e

gautam thakur

gautam thakur (Querist)
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10 August 2016 the exemption should also be clubbed... and please tell me about the treatment in each ITR . thanks

CA Amrita Chattopadhyay

CA Amrita Chattopadhyay (Expert)
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10 August 2016 It can be purchased in the name of wife and the income earned will be shown under the "Income from other sources".