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Understanding the Provisions of Clubbing of Income
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| Book Details | |
| Title | Understanding the Provisions of Clubbing of Income |
| ISBN | 9789356037427 |
| Edition | April, 2024 |
| Pages | 296 |
| Authors | Ram Dutt Sharma |
| Publisher | Commercial Law Publishers |
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Description
Explore the comprehensive guide on Understanding the Provisions of Clubbing of Income, covering legislative changes, exceptions, and conditions. This book, authored by an expert in tax law, provides insights into sections like transfer of income without asset transfer, revocable transfer of assets, income arising to spouses, minor children, and more. ISBN: 9789356037427, Edition: April, 2024, Author: Ram Dutt Sharma, Pages: 296, Publisher: Commercial Law Publishers. Now available with a 27% discount plus free shipping for a limited time.
| Chapter | Contents | Pages |
|---|---|---|
| 1 | Introduction | 1 |
| Clubbing of Income Means | 1 | |
| For example: | 1 | |
| Its Object | 1 | |
| The Legislative Changes | 1 | |
| Scope of the Provisions of Section 64 | 2 | |
| Clubbing under relevant head | 3 | |
| Glossary | 3 | |
| Sections covered under Clubbing of Income | 3 | |
| 2 | Transfer of Income Without Transfer of Asset | 6 |
| Nature of Transaction | 6 | |
| Income to be clubbed in the hands of | 6 | |
| Conditions | 6 | |
| 3 | Income Arising from Revocable Transfer of Assets | 13 |
| Meaning of Revocable Transfer [Section 63] | 13 | |
| Specified Person | 13 | |
| Specified Scenario | 13 | |
| Clubbing of Income | 13 | |
| Conditions | 14 | |
| Exception to Section 61 [Section 62] | 14 | |
| 4 | Exceptions where Clubbing Provisions are not Attracted even in Case of Revocable Transfer | 42 |
| 5 | “Transfer” and “Revocable Transfer” Defined | 59 |
| 6 | Transfer of Assets – for Benefit of Spouse Etc. | 72 |
| Clubbing of share income from firm | 72 | |
| Spouse as Partner Through a Trustee | 73 | |
| Professional Income Escapes Clubbing Provisions | 73 | |
| 7 | Income by Way of Salary, Commission, Fees or Remuneration Paid to Spouse from a Concern in which an Individual has Substantial Interest | 83 |
| ‘Substantial Interest’ by an Individual – Meaning | 83 | |
| Exception – No Clubbing if Remuneration is due to Technical or Professional Qualifications | 84 | |
| Technical or Professional Qualification | 85 | |
| Where both Husband and Wife have Substantial Interest and both are getting Remuneration from the concern | 87 | |
| When both Husband and Wife have Substantial Interest | 88 | |
| Exceptions to clubbing | 89 | |
| Conditions | 90 | |
| 8 | Income of Individual to Include Income of Spouse, Minor Child, Etc. | 109 |
| 9 | Income Arising to the Spouse from an Asset Transferred Without Adequate Consideration | 122 |
| Statutory requirement | 122 | |
| Asset Transferred to Spouse [Section 64(1)(iv)] | 123 | |
| Income to be clubbed in the hands of | 124 | |
| Capital Gain on Sale of Transferred Assets | 126 | |
| Appropriation when transferred asset is invested in a Business | 126 | |
| Income arising from Accretions to Transferred Assets | 126 | |
| Applicability to Second Generation Income | 126 | |
| When section 64(1)(iv) is not applicable [i.e., Exceptions to clubbing] | 127 | |
| Frequently Asked Questions (FAQ) | 132 | |
| 10 | Income of Individual to include Income of Spouse | 159 |
| 11 | Income Arising to Son’s Wife (i.e., Daughter-In-Law) from the Assets Transferred Without Adequate Consideration | 171 |
| Transfer to Son’s Wife [Section 64(1)(vi)] | 171 | |
| Income to be clubbed in the hands of | 172 | |
| Exceptions to clubbing | 172 | |
| 12 | Clubbing of Income from Assets Transferred to a Person for the Benefit of Spouse | 185 |
| Specified scenario | 185 | |
| Income to be clubbed in the hands of | 185 | |
| Conditions | 186 | |
| 13 | Income from Assets Transferred to a Person or Association of Persons for the Benefit of Son’s Wife | 194 |
| 14 | Minor Child’s Income Clubbed with the Income of Parent | 197 |
| The Object of introducing Section 64(1A) | 197 | |
| Section 64(1A) not violative of articles 14 and 19 of the Constitution of India | 200 | |
| Child in relation to an individual [Section 2(15B)] | 201 | |
| Minor child’s income (less than 18 years old) clubbed in the hands of that parent whose total income (excluding the income of the minor) is greater | 201 | |
| 15 | Conversion of Self-Acquired Property into the Property of a Hindu Undivided Family | 223 |
| “Any sum of money” is property – Clubbing provisions of section 64(2) can be said to be applicable to the HUF in respect of sum of money received without consideration | 223 | |
| Transfer of Asset to Hindu Undivided Family (HUF) | 223 | |
| Nature of Transaction | 224 | |
| Clubbed in the Hands of | 224 | |
| Conditions/ Exceptions | 224 | |
| 16 | Liability of Person in respect of Income Included in the Income of Another Person | 252 |
| Applicability | 252 | |
| Impact | 252 | |
| 17 | Exceptions to Clubbing – When Minor Income will not be Clubbed | 255 |
| Income of a disabled child (disability of the nature specified in section 80U) | 255 | |
| Income earned by manual work done by the child | 255 | |
| Income earned by a minor child on account of manual work done | 255 | |
| Income earned by minor child on account of application of any skill, talent or specialised knowledge and experience | 255 | |
| 18 | Cases in which Clubbing of Income is not applicable | 256 |
| Income transferred before marriage | 256 | |
| Income derived from clubbed income | 256 | |
| Saved money is not asset transferred | 256 | |
| 19 | Claiming TDS for Income under Clubbing Provisions | 257 |
| 20 | Clubbing of Income – Set-Off of Loss | 259 |
| Income includes loss | 259 | |
| Clubbing of Negative Incomes (Losses) | 259 | |
| 21 | Clubbing of Income – Section 263 | 263 |
| 22 | Clubbing of Agricultural Income of the Minor Agricultural income of minor son of assessee has to be included in income of assessee for purpose of determining rate of income-tax applicable to income of assessee | 266 |
| Agricultural income of minor children cannot be clubbed in hands of assessee (parent) | 267 | |
| 23 | Applicability of Clubbing Provisions to Family Trusts | 269 |
| Clubbing of Income and Private Trusts | 269 | |
| Clubbing with Spouse – Section 64(1) (iv) Gift to the spouse – Directly or Indirectly – through Trust | 269 | |
| Dissolution | 270 | |
| 24 | Computation of Income to be Clubbed | 277 |
| Clubbing Head | 277 | |
| Deduction under Chapter VIA | 277 | |
| 25 | Interplay of Clubbing Provisions and Capital Gain Provisions | 280 |
| ‘Income’ includes capital gains – The word ‘income’ in section 64(1)(iv) includes capital gains arising from sale of transferred assets | 280 | |
| 26 | Frequently Asked Questions (FAQ) | 282 |
Additional information
| Publisher | Commercial |
|---|
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