kruthika
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Hi Friends, I am Kruthika. Can I know, What is the meaning of clubbing of income?
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megha
answered
hello,
Normally, a person is taxed in respect of income earned by him only
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. However, in certain special cases income of other person is included (i.e. clubbed) in the taxable income of the taxpayer and in such a case he will be liable to pay tax in respect of his income (if any) as well as income of other person too.
> The situation in which income of other person is included in the income of the taxpayer is called as clubbing of income.
**E.g., Income of minor child is clubbed with the income of his/her parent.**
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Surbhi
answered
Hi,
Normally, a person is taxed in respect of income earned by him only. However, in certain special cases income of other person is included (i.e. clubbed) in the taxable income of the taxpayer and in such a case he will be liable to pay tax in respect of his income (if any) as well as income of other person too. The situation in which income of other person is included in the income of the taxpayer is called as clubbing of income. E.g., Income of minor child is clubbed with the income of his/her parent. Section 60 to 64 give various provisions relating to clubbing of income.
veeru
answered
Income of minor child is clubbed with the income of his/her parent. Section 60 to 64 give various provisions relating to clubbing of income.
Anil
answered
Normally, a person is taxed in respect of income earned by him only. However, in certain special cases income of other person is included (i.e. clubbed) in the taxable income of the taxpayer and in such a case he will be liable to pay tax in respect of his income (if any) as well as income of other person too. The situation in which income of other person is included in the income of the taxpayer is called as clubbing of income. E.g., Income of minor child is clubbed with the income of his/her parent. Section 60 to 64 give various provisions relating to clubbing of income.
Revocable transfer is generally a transfer in which the transferor directly or indirectly exercises control/right over the asset transferred or over the income from the asset.
As per section 61, if a transfer is held to be a revocable, then income from the asset covered under revocable transfer is taxed in the hands of the transferor. The provisions of section 61 will not apply in case of a transfer by way of trust which is not revocable during the life time of the beneficiary or a transfer which is not revocable during the lifetime of the transferee.
