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CLUBBING
OF OTHER INCOMES
Besides
clubbing of income of minor-children in the hands of the parent, certain
other incomes are also liable to be clubbed in the hands of the individual
in the following circumstances:-
- When the
income arises to the spouse of such individual from assets transferred
directly or indirectly to the spouse by the individual othersie than
for adequate consideration or in connection with an agreement to live
apart.[Section 64(1)(iv)].
- When the
income arises to the son's wife from assets transferred after 1st June
1973, to the son's wife by the individual for inadequate consideration.
[Section 64(1)(vi)].
- The income
which arises to any person from assets transferred for inadequate consideration
by the individual to such person is to be clubbed in the hands of such
individual to the extent to which the income from such assets is for
the immediate or deferred benefit of the individual's wife or in case
of assets transferred after June 1st, 1973 of his son's wife.
[Section 64(1)(vii) & (viii)].
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