Clubbing of income includes the income of a minor child being taxed in the hands of ___ if certain conditions are met.

The parents

In what situation is income from assets transferred to a spouse deemed to be the income of the transferor?

When the asset is transferred without adequate consideration or in connection with an agreement to live apart.

True or False: Income from a house property transferred to a spouse is always taxable in the spouse's hands.

False: It is taxable in the hands of the transferor unless the transfer is for adequate consideration.

Fill in the blank: Section 80C allows a maximum deduction of ___ from gross total income for specified investments.

Rs. 1,50,000

What is the significance of Section 68 in the context of cash credits in the income tax framework?

It allows the assessing officer to charge any unexplained cash credits found in the books of an assessee to income tax.

What is the maximum deduction allowed under Section 80D for medical insurance premiums paid for self and parents combined?

Rs. 1,00,000 if both the taxpayer and parents are senior citizens.

True or False: Loss from owning and maintaining racehorses can be set off against any other income.

False: It can only be set off against income from owning and maintaining racehorses.

What is the deduction limit under Section 80G for donations to charitable institutions?

It varies, with some donations eligible for 50% and others for 100% deduction, but donations exceeding Rs. 10,000 must be made through non-cash modes.

Clubbing provisions apply when income is transferred without transferring the underlying asset. Give an example.

If X transfers interest income from debentures he owns to Y without transferring the debentures, the income is taxable in X's hands.