HI,
Will clubbing provision apply on income earned by wife or daughter in law from investments made out of moeny gifted by husband or Father in law.
2 Replies
CA BHUMIT SHAH
(Consultant )
(270 Points)
Replied 31 March 2013
YES CLUBBING PROVISION WILL DEFINITELY APPLY IN RESPECT OF ANY GIFT GIVEN TO SPOUSE AND SONS WIFE AS PER SEC.64 AND ANY INCOME ARISING ON SUCH GIFT WILL BE CLUBBED IN THE INCOME OF TRANSFEROR
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