Your income can be clubbed together with Income of your Spouse

• April 1, 2020
• CA Chandan Agarwal's Office

There are certain occasions when the income of your spouse gets clubbed with your income. So, if you are planning to transfer any of your income or any asset to your spouse to avoid the associate tax on such income, hold on.  There are certain specified situations when the income of both the husband as well as the wife would be clubbed and would be taxed as one entity. In addition to this, there would be only one income tax return for the income earned by the husband and the wife and would be considered as one assessee under the Income Tax Law. Section 64 of the Income Tax Act contains the main provision relating to clubbing of the income of husband and wife.

Transfer of Income

Read more on: https://taxguru.in/income-tax/income-clubbed-income-spouse.html