Published Aug 11, 2022
2 mins read
443 words
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Economics

Income Of The Person Individual

Published Aug 11, 2022
2 mins read
443 words

The technical name of this chapter is income of other person club with the total income of the SSC The Other popular name is clubbing of income the primary intention of this chapter is to check the practices of avoiding payment of tax by transverting the receipt or income section 60 transfer of income without transfer of acid where a person transfer income without the source of search income then the transferred income will only be taxable in the hand of the transfera if there is a real intention of benefiting the receiver the source of income should have been transferred where only the income of transferred it is considered as an application and the gross amount is taxable only in the hand of the Transporter recoverable means where the retains the rate either part partially or Holy over reposition of the property or right over the income generated out of provision the recoverable right can be direct or indirect how our where the revocation right cannot be exercised during the lifetime of the Transporter of beneficiary then it will not be regarded as the recoverable transfer where it is present the whole of the income taxable in the hand of the person it may be up case of partial Revolution but still the whole of the income is taxable in the hand of the person clubbing provisions applicable for individuals where a person transfer any asset to yes pause without a liquid consideration the income generated from the Asset shall be taxable one day in the hand of the person however transfer is made with an agreement to live separately then the provision shell not apply Transfer of Property two sons wife without adequate consideration and property to any person beneficiary being spouse or son's wife in both case to and case three the income tax taxable only in the hand of the transfera the rule is relationship should subsist both at the time of transfer under the time of income accurate for example where Mr X transfer asset to miss why first and then they Mary Each Other this provision will not be applicable as at the time of transfer relationship did not exist Only direct income Candy club any income and out of the club income cannot be club in other words where any income is used or revised reinvestment of club in come search income is taxable only in the hand of person who earned received that amount egg transfer this house property tools wise Mr X which on rent per month according to it Law the total rental income per annum taxable only in hand of Mr X.
 

Income
Tax
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sheetal.thakur 8/11/22, 5:56 AM
1
Can you please read my blog too
1
srini2020 8/18/22, 9:20 AM
Will u pls read my blogs too

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