Mr. X had started business on 1/4/2006 and he has invested Rs600000 as capital in the business on 1/4/2006 and further his wife gifted Rs 200000 on 10/4/2006 and the total business income for the f.y 2006-07 is Rs 300000and for the financial year 2007-08 Mr X had 440000 business income
please tell about the total income taxable of Mr X for the financial year 2007-08
weather any income earned on the gifted amount will be taxable in the hand of Mrs X or not?
Clubbing Provision u/s 64(1)(iv) will apply for FY 2007-08 and Rs. 80,000 being 18.18% of invested amount will be clubbed in the hands of Mrs. X assuming that there was no drawings during the FY 2006-07. The opening balance of capital as at 1.4.07 will be taken as total investment i.e Rs. 11,00,000/-
Total Income of X for FY 07-08 will be Rs. 3.60 Lakhs
Eshwar & Co Chartered Accountants - Nungambakkam
Chennai
CA Inter
View Details
K R Kiran Kumar & Associates
Bengaluru
CA Inter
View Details
Bharat Shah & Associates
Mumbai
CA Inter
View Details
Prish Consultancy LLP
New Delhi
B.Com
View Details
Austin Med Solutions Pvt Ltd
Bengaluru
CA
View Details
CCI
Pro
CAclubindia
