Originally posted by : Vinit |
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Yes Rs. 50000/- will taxable in the hands of Mr. A as CG and Rs. 15000/- in the hands of Mr. A and Mrs. A Rs. 10000/- and Rs.5000/- respectivele.
Becouse the clubbing provision will only applies on income from assets but not on income from income. |
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1. income from assets transferred, here debentures CG 50000 in hands of mr A- Agreed
2. Income from income 5000 in hands of mrs A - Agreed
3. transferred asset is converted into cash - cash into another debenture. and income on this new debenture in hands of again mr A?? i doubt. This new asset was not transferred by mr A to mrs A . Act also does not provide-- income from asset transferred and Subsequent transferred asset's transfer. plz correct me if i m wrong