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Deem Income

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(Querist)
14 October 2009 Hi,

Pleas say what is the meaning of Deemed Income OR deemed profit.

Regards
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CA Shishir

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CA Shishir (Expert)
21 October 2009 In context of Income Tax, Deemed income is income of a person other than the assessee. For example, if an assessee has a minor child and is receiving any income otherwise than by the talent of the child, the income is clubbed in the hands of the parent. Here, the income of child is deemed to be the income of the father (assessee).
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