Querry regarding clubbing u/s 64 (iv)

Page no : 2

(Guest)

@ Varun, first of all I am extremely sorry, what you have said is correct. I looked at the other case, given in the case, Seventilal Maneklal Sheth's case which was given in the context of Sec 16(1)(a)(iii) and gave my conclusions. You were right. There will be clubbing of capital gains. There will also be clubbing in Wealth Tax, taking into consideration the case of M G Kollankulam Vs CIT 115 ITR 161. Also , the decision provided by you highlighted the proximate relationship between the cash gift and the asset transferred. Thanks for sharing. Excellent Thinking by you.

But, I hope that the interest will not be clubbed in the hands of husband, in view of the decisions gave by me in the first reply. If you have any contradictory decisions please do share the same.

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varun (aa) (56 Points)
Replied 11 March 2013

@ sathish ji! Thanx . Its only because of you we hav made a conclusion . Deep discussion is very important to learn anything. Thanx . Thanx for that. As far as clubbing of interest is concern , actually that what i m asking for in my querry.. I m not sure in that. One of my friend said tha interest attributable to rs 400000/- should be clubbed with the income of husband while majority says here that none of the interest will be clubbed...

varun (aa) (56 Points)
Replied 11 March 2013

@ sathish g i have create a page for INCOME TAX QUERIES on facebook and made my first effort to put income tax as a subject and to share timely updates of the same, you all are heartly invited to share the updates too and argue or cross argue to increase the meaning and importance of creating group .. This page also welcome CA, CS, LAw students and members to share and discuss the queries regarding income tax and its provisions.I request you if you like my effort and feel d importance of discussion go there and like d page so that we can make enough members there to discuss d income tax and its provisions. The link of d page is given below https://facebook.com/?_rdr#!/profile.php?id=336690133118751&__user=100000502317686.. Thanx in advance

(Guest)

Thanks Varun for your participation, I like the way you discuss the law and interpret the same. I am also interested in expertising in the field of DT. But for some reason I am leaving this site, I don't have a FB Account. Will try to join you in that community soon. Thanks. All the best.

Shishir Garg (Finance Professional) (42 Points)
Replied 26 June 2017

Client purchased a shop property in wife's name by taking a joint loan. Most of the fund was provided by the client by direct payment to the builder. My query is, how to show the rental income from this shop in the client's return? Should I show it directly in the schedule HP (house property). Or should I first calculate the income in his wife's hand and then show in schedule SPI (income from spouse clubbed)? I am connfused between section 27 and clubbing provisions under section 64.