Income from assets transferred to a spouse without adequate consideration is taxable in the hands of ___?

The transferor

True or False: Income earned by a minor child is always taxed in the hands of the child.

False. The income is taxed in the hands of the parent with the higher taxable income.

Clubbing of income provisions apply to which sections of the Indian Income Tax Act?

Sections 60 to 65

What is one of the main exceptions to the clubbing of income rules?

Income from gifts received by the spouse is not clubbed with the individual's income.

True or False: If a husband transfers property to his wife before marriage, the income from that property will be clubbed with his income.

False. Income from assets transferred before marriage is not clubbed.

How is the income of a minor child treated for tax purposes when combined with a parent's income?

The income is combined with the parent who has the higher total income, and an exemption of up to ₹1,500 is allowed.

Fill in the blank: Income from assets transferred to a minor child is taxable in the hands of the parent with the ___ income.

Higher

What does Section 64(1)(ii) specifically address regarding spousal income?

It addresses the inclusion of income received by a spouse from a concern where the other spouse has substantial interest.

What is the implication of converting personal property to joint family property in terms of income?

The income from such property remains part of the individual's total income, even if received by the HUF.

Fill in the blank: The income derived from the accretion of transferred property cannot be ___ under clubbing provisions.

Clubbed