Explanation 2 to sec 64(1)
This query is : Resolved
30 May 2012
If an individual has substantial interest in a PARTNERSHIP FIRM and his spouse is getting salary,commission, etc from that firm; is this income of his spouse is clubbed to his total income according to SEC 64(1)?
30 May 2012
Where the concern is a COMPANY, the individual must hold 20% of the shares of the company.
The fact that he is entitled to 20% of profits does not amount to substantial interest for the purpose of Section 64(1).
The fact that he is entitled to 20% of profits does not amount to substantial interest for the purpose of Section 64(1).
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