A person is sending money from Foreign country to his Wife in India.
Wife has purchased a Plot of Land in her own name.
Now she is going to sell it.
My question is Whether clubbing provisions can be applied on Capital gain on Converted asset ans income can be taxed in the hands of Husband?????????
In your case, the capital gain arising on the sale of land by the wife will be clubbed in Husband's income.
[Also refer : Sevantilal Manaklal Sheth v CIT (1968) 68 ITR 503 (SC)]
Regards,
Devendra Kulkarni
will be clubbed in the hands of husband u/s 64(1)(iv)
CAclubindia
