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CLUBBING OF INCOME

 CLUBBING OF INCOME:  INCOME OF OTHER PERSONS TO BE INCLUDED IN AN ASSESSEE’S TOTAL INCOME 1.         Transfer of income without transfer of an assets(Sec 60) Such income is taxable in the hands of transferor 2.         Revocable transfer of assets by an assesse to another person (sec 61) Such income is taxable in the hands of transferor 3.         Irrevocable transfer of asset (Sec 62) Such income is taxable in the hands of transferee 4.         Income of an individual’s to include income of spouse, minor child (Sec 64) Minors’ Income Ø   All the incomes of a minor child is included in the parent’s income. Ø   It will be clubbed with father or mother whose aggregate income )before clubbing) is higher. Ø   If parents are separated, clubbed with a parent who maintains him. Minor income cannot be clubbe...
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EXEMPTED Government securities' Income

    EXEMPTED Government securities' Income  Plan Certificates a)       National plan certificates (10 Years) b)       National Plan savings certificates(12 years) Post office Savings a)       Post office National Savings certificates b)       Post Office Savings Bank Accounts interest is exempt upto Rs.3,500 (Rs.7,000 in case of joint account) c)       Public Account of post office saving Account (interest upto Rs.5,000) d)      Post office CTD e)       Post office fixed deposits f)        Post office cash certificates Fixed deposits                                 i.    ...
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Ex.36. Ms.Jayashankari’s investments during the year ended 31st March,2025 consisted of the following:

  Ex.36. Ms.Jayashankari’s investments during the year ended 31 st March,2025 consisted of the following: a)       Rs.25, 000, 7% Government Securities. b)       Rs.15, 000, 8% Agra Municipal Bonds c)       Rs.10,000, 7 years Post Office National Savings Certificates d)      Rs.10,000, 6% securities issued by a Foreign Government. Find out income from other sources.     Rs. Rs. 1 7% Government securities (25,000x7/100)   1,750 2 8% Agra Municipal Bonds ( 15,000x8/100)   1,200 3 Post office Deposits   Nil 4 6% Securities by Foreign Government   600   Total Income From Other Sources   3,550
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EX.56,Ex.57 and Ex.66

  EX.56,Ex.57 and Ex.66 -Problems and Solutions on Income From Others Source EX.56. Calculate income from other source from the following details:   Rs.         i.             Dividend on equity shares       ii.             Dividend on preference shares     iii.             Income from letting of building and machinery     iv.             Interest on bank deposits       v.             Director’s fees     vi.             Ground rent   vii.  ...
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