Dear Experts,
Mr. X gifts Rs. 5 lacs to his brother Mr. Y's wife and Mr. Y gifts Rs. 5 lacs to Mr. X's wife. Whether the interest earned by Mr. X's wife and Mr. Y's wife will be clubbed?
Please support your answer with decided case or income tax provision.
Hi ..same question was asked in Final exam , May 2014
Clubbing provisions -Sec 64(1)(iv)-cross transfers will apply and income will be clubbed in the hands of respective husbands (X wife's income in his hand and his brother's wife income in his bro's hand)
Dear Saurabh,
Thanx for your reply. But can u please name the case law in which it was decided.
I don't know case law's name.....but since there is express provision to this effect no need to substantiate the ans.with case law.
CIT vs Keshavji Morarji (1967) Case law name...
| Originally posted by : Saurabh Maheshwari | ||
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Hi ..same question was asked in Final exam , May 2014 Clubbing provisions -Sec 64(1)(iv)-cross transfers will apply and income will be clubbed in the hands of respective husbands (X wife's income in his hand and his brother's wife income in his bro's hand) |
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