in case of clubbing , when both husband and wife have substantial interest and both are getting remuneration from concern ,income is included in hands of that spouse whose total income b4 including such remuneration is greater .........................................
i just wanna know that if both spouse has substantial interest but one's interest is greater but income is lower then other spouse .... so in whom hands income is to be clubbed ??
plzzzz reply ..
The income should be clubbed in the hands of the person having higher income...
HAPPY DIWALI..!!ENJOY
REGARDS,
DEVENDRA. K
see jyotsna...IT Act talks about higher income and not on substantial interest... so take words on face... income will be clubbed in the hands of spouse whose income is higher.
I agree with Devendra and Ankit.....
In case of clubbing, income is clubbed in the hands of the person whose income is higher. As regards having substantial interest this comes into effect in case of live appart of parents. The parent who looks after and care for the child income is clubbed in his/her hand.
no...i have seen that ques...it fulfils both the conditions..but u need to check only 1 condition that other income has to be higher.....
All members are right.
agree with all
CAclubindia
