Income earned on income shall not be clubbed: seems confusing right? Don’t worry, I will make it easy. If Mr. A transfers house to Mrs. A and Mrs. A
Tarannum Khatri is Chartered Accountant of India and Founder of Taxmasala.in. She is currently practicing in taxation field. Besides practice, she loves music and reading great minds..You connect with her on FB by clicking button on right side.
Q. is clubbing provision applicable for income of children? Ans. Yes, if asset is transferred without adequate consideration to minor child (not minor married daughter) , the income arising from
Q. Why is there need of clubbing? A. Sometimes to reduce the tax burden the taxpayer transfers the asset to another person. In this case, to protect the interest
In salary head, there are many elements. One is medical expenses’ reimbursement. yes, medical expenses are done by employee and bill is paid by employer. In this case, what will