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Clubbing of Income u/s 64

sachin v (abc) (82 Points)

24 June 2009

Dear Sir,

Please let me know that i am taking coachings and my income Rs. 2.25 lacs p.a. from other sources. My husband who is having income more than > Rs. 11 lacs (From Salary) gave me a cheque of Rs. 64035/- from his income As a Loan But Not as a Gift, out of which I gave back Rs. 32,000 to him. Balance Rs. 32035/- is due to him. My query is Is Rs. 64035/- to be clubbed in my husband's income under clubbing provisions ? and Gift to Relative is exempt upto what amount ??

What is the latest slab for female for AY09-10?

Pl inform at the earliest .. Regards,

Patricia

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2 Replies

CA Lovenish Bansal (JOB) (343 Points)
Replied 24 June 2009

No, there will be no clubbing if amount is taken as loan.There is no limit for gift taken from relative subject to definition of relative u/s 56

Thanks

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CA Nilamani Mohanty (Finance Manager) (100 Points)
Replied 24 June 2009

Good Evening Sachin,

For a women assessee the tax slab for the Assessment year 2009-10 is:

Up to 1,80,000 (for women) Nil

From 1,80,000 to 3,00,000 10

From 3,00,000 to 5,00,000 20

Above 5,00,000 30

*A surcharge of 10 per cent of the total tax liability is applicable where the total income exceeds Rs 1,000,000

Education cess is applicable @ 3 per cent on income tax, inclusive of surcharge if there is any.
A marginal relief may be provided to ensure that the additional IT payable, including surcharge, on excess of income over Rs 1,000,000 is limited to an amount by which the income is more than this mentioned amount.
Agricultural income is exempt from income-tax.