HI,
Will clubbing provision apply on income earned by wife or daughter in law from investments made out of moeny gifted by husband or Father in law.
CA Hiren Shah (Chartered Accountant) (59 Points)
31 March 2013HI,
Will clubbing provision apply on income earned by wife or daughter in law from investments made out of moeny gifted by husband or Father in law.
CA BHUMIT SHAH
(Consultant )
(270 Points)
Replied 31 March 2013
YES CLUBBING PROVISION WILL DEFINITELY APPLY IN RESPECT OF ANY GIFT GIVEN TO SPOUSE AND SONS WIFE AS PER SEC.64 AND ANY INCOME ARISING ON SUCH GIFT WILL BE CLUBBED IN THE INCOME OF TRANSFEROR
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