Clubbing of Income

Mr.X a)gives his wife an interest free loan of Rs.10 Lacs. She uses the money to invest in shares of Y Ltd.The company declares a 1:1 bonus. Or, b)gifts his wife cum bonus shares in Y Ltd who have declared a bonus of 1:1 Mrs.X,after the record date sells the non-bonus shares and books a loss of lets say,Rs.5 lacs. She holds onto the Bonus shares for a year and then sells them off,the income being exempt from Capital gains. Now... If the Income Tax Officer sees the (a)interest free loan/(b)gift as diversion and clubs the income, he shall be only clubbing a negative income(Loss) of Rs.5Lacs,which Mr.X can carry forward for 8 years. ITO cant club the bonus shares as shares received as bonus is not under the purvue of clubbing. But, If ITO ignores clubbing the wife walks away with a STCL which she can carry forward for 8 years. Am I Right? Please clarify. Thank you :)