On 23th June, 2014, CBDT announced rules 2014 for wealth tax return. These rules shall be come into the force on the date of publication in official gadgets. Rule 3
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
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