Income inclusion rule treats spouse, minor child and transferred-asset income as part of an individual's taxable income. The provision mandates income inclusion by treating certain income of the spouse, income from assets transferred otherwise than for adequate consideration to the spouse or son's wife, income of a minor child (subject to specified exceptions), income from converted property, and partition receipts as part of an individual's total income. It preserves an exclusion for income solely attributable to a technically or professionally qualified spouse, allocates minor-child income to the guardian or higher-earning parent, authorises the Board to prescribe computation methods for transfer-related income, and vests the Assessing Officer with limited reallocation discretion after opportunity to be heard.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income inclusion rule treats spouse, minor child and transferred-asset income as part of an individual's taxable income.
The provision mandates income inclusion by treating certain income of the spouse, income from assets transferred otherwise than for adequate consideration to the spouse or son's wife, income of a minor child (subject to specified exceptions), income from converted property, and partition receipts as part of an individual's total income. It preserves an exclusion for income solely attributable to a technically or professionally qualified spouse, allocates minor-child income to the guardian or higher-earning parent, authorises the Board to prescribe computation methods for transfer-related income, and vests the Assessing Officer with limited reallocation discretion after opportunity to be heard.
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