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Clubbing of income
if Mr. X gift a vehicle to Mrs.X and Mrs.X earn income through such vehicle then in which hand such income will be taxable
Replies (4)
As per Sec 64(1)(iv) it will be taxable in the hands of Mr. X. But need clarification on what type of income is earned through the Car and how.
If It were invested in to the business which also has other Assets, then only the proportionate Income is clubbable as per the explanation placed under the above mentioned Section.
Whatever income wife derives out of vehicle gifted by husband will be clubbed in the ITR of husband
Note that income on income is not to be clubbed.
Note that income on income is not to be clubbed.
@ manthan shete
@ M.keerthi chandra
@ kapadia pravin
@ M.keerthi chandra
@ kapadia pravin
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