Dear Ayush,Sunali and Rajesh,
Section 64 (1)(ii) speaks about salary or commission or remuneration earned by spouse from a concern in which such individual has substantial Interest - which will be clubbed in hands of Individual unless spouse has such skills to earn that salary or comm or remuneration.
Section 64(1)(iv) speaks about Income from House Property or any other Asset. Further read Explanation 3 -
For the purposes of clauses (iv) and (vi), where the assets transferred directly or indirectly by an individual to his spouse or son’s wife (hereafter in this Explanation referred to as “the transferee”) are invested by the transferee,—
(i) in any business, such investment being not in the nature of contribution of capital as a partner in a firm or, as the case may be, for being admitted to the benefits of partnership in a firm, that part of the income arising out of the business to the transferee in any previous year, which bears the same proportion to the income of the transferee from the business as the value of the assets aforesaid as on the first day of the previous year bears to the total investment in the business by the transferee as on the said day ;
(ii) in the nature of contribution of capital as a partner in a firm, that part of the interest receivable by the transferee from the firm in any previous year, which bears the same proportion to the interest receivable by the transferee from the firm as the value of investment aforesaid as on the first day of the previous year bears to the total investment by way of capital contribution as a partner in the firm as on the said day,
shall be included in the total income of the individual in that previous year.]
If this is not the case then let me also know about the same.