CA AMANPREET SINGH (Chartered Accountant) (284 Points)
01 March 2012A person is sending money from Foreign country to his Wife in India.
Wife has purchased a Plot of Land in her own name.
Now she is going to sell it.
My question is Whether clubbing provisions can be applied on Capital gain on Converted asset ans income can be taxed in the hands of Husband?????????
Devendra
(Chartered Accountant)
(4775 Points)
Replied 01 March 2012
In your case, the capital gain arising on the sale of land by the wife will be clubbed in Husband's income.
[Also refer : Sevantilal Manaklal Sheth v CIT (1968) 68 ITR 503 (SC)]
Regards,
Devendra Kulkarni
CA SOURAV KUMAR GANDHI
(B.com (H), CA )
(133 Points)
Replied 08 March 2012
will be clubbed in the hands of husband u/s 64(1)(iv)
CAclubindia
