Why is return on investment by the spouse of an individual not clubbed with the income of the individual? siting section 64(1)
Why is return on investment by the spouse of an individual not clubbed with the income of the individual? siting section 64(1)
Income earned by spouse (through investment by individual) is clubbed in the hands of individual
however there are exceptions
1.if the assets are transferred before marriage
2.if assets are transferred for adequate consideration
3.if assets are transferred in connection with agreement to live apart
4.if the property is acquired by the spouse out of pin money (savings)
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