Tax
This query is : Resolved
18 November 2011
sir i am unable to understand sec65 of clubbing of income,please explain it
19 November 2011
A property transfer where the income from the property so transferred is to be clubbed in the hands of the transferor, gives rise toi such a situation.
.
Section 65 is gives the power to recover tax from transferee after issuing a notice of demand, where the recovery of tax is not possible from the person(transferor) in whose hands the income is to be clubbed. However the tax to be recovered wont under any circumstances exceed the asset(value) itself, i.e. other assets of the transferee wont be used/attached to recover such tax
.
Section 65 is gives the power to recover tax from transferee after issuing a notice of demand, where the recovery of tax is not possible from the person(transferor) in whose hands the income is to be clubbed. However the tax to be recovered wont under any circumstances exceed the asset(value) itself, i.e. other assets of the transferee wont be used/attached to recover such tax
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