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Clubbing of income

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34 Points Posted on 07 January 2020
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
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On 07 January 2020 at 12:37 Report
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37 Points Posted on 07 January 2020
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.
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On 07 January 2020 at 13:11
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C.A FINAL STUDENT AND QUALIFIED C.M.A
563 Points Posted on 07 January 2020

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.

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On 07 January 2020 at 13:20
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17264 Points Posted on 07 January 2020
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.
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On 07 January 2020 at 13:37
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34 Points Posted on 07 January 2020
@ manthan shete
@ M.keerthi chandra
@ kapadia pravin
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On 07 January 2020 at 13:48


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