|
Section |
Person whose income to be clubbed |
Nature of income to be clubbed |
Person in whose hands to be clubbed |
Deduction |
|
64(1)(ii) |
Spouse |
Salary, commission, fees, remuneration from concern where individual has
substantial interest. If spouse possesses technical/professional
qualification and income is solely attributable to the application of such
knowledge, it is not to be clubbed. |
Spouse having substantial interest in the concern |
|
|
64(1)(iv) |
Spouse |
From assets transferred to spouse for inadequate consideration other than
(i) transfer under an agreement to live apart, or
(ii) an income from house
property includible u/s. 27
(iii). Interest on capital contributed in the firm
out of the transferred funds will however, be clubbed. Where assets
transferred are invested in any business, income arising out of the business
shall be taxed in proportionately. |
Transferor |
|
|
64(1)(vi) |
Son's wife |
From assets transferred (after 1-6-1973) to sons wife for inadequate
consideration. Interest on capital contributed in the firm out of the
transferred funds will however be clubbed. Where assets transferred are
invested in any business, income arising out of the business shall be taxed
in proportionately |
Transferor |
|
|
64(1)(vii) |
Spouse |
Income for immediate or deferred benefit of spouse from assets transferred
for inadequate consideration to an AOP or a person. |
Transferor |
|
|
64(1)(viii) |
Son's wife |
Income for immediate or deferred benefit of sons wife from assets
transferred for inadequate consideration (after 1-6-1973) to an AOP or a
person. |
Transferor |
|
|
64(1A) |
Minor child(except a minor child suffering from any disability mentioned in
S. 80U) |
Any income accruing/arising to a minor, except income from:
a) manual work,
or
b) application of his skill, or talent, or specialised knowledgeand
experience |
i) 1st year: that parent whose income is higher. Subsequent years; the same
parent unless the AO is satisfied that it should be clubbed with the other
parent.
ii) where marriage does not subsist, in the hands of the
custodian parent. |
Up to ` 1,500 per minor [S. 10(32)] |
|
64(2) |
HUF |
Income from property converted to HUF property or transferred to HUF by an
individual (after 31-12-1969) for inadequate consideration. If converted
property is partitioned, income from partitioned property received by
spouse, is clubbed in the hands of the individual. |
Transferor |
|
