Clubbing of Income u/s 64

No, there will be no clubbing if amount is taken as loan.There is no limit for gift taken from relative subject to definition of relative u/s 56

Thanks

Good Evening Sachin,

For a women assessee the tax slab for the Assessment year 2009-10 is:

Up to 1,80,000 (for women)            Nil

From 1,80,000 to 3,00,000               10

From 3,00,000 to 5,00,000               20

Above 5,00,000                                   30

*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000

• Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
• A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.
• Agricultural income is exempt from income-tax.