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Spousal income attribution refined: proportional inclusion rules and a professional-qualification exception shape attribution in family investments. Amendment to section 64 refines spousal income attribution: clause deletions and a substituted proviso exclude attribution for income from a firm where the spouse has recognised professional qualifications; Explanation 1 designates inclusion of income in the spouse with the higher total income and restricts subsequent attribution absent Assessing Officer satisfaction after hearing; Explanations 1A and 2A are omitted; Explanation 3 prescribes proportional inclusion of income where assets transferred to specified relatives are invested in a business or as partnership capital.
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Spousal income attribution refined: proportional inclusion rules and a professional-qualification exception shape attribution in family investments.
Amendment to section 64 refines spousal income attribution: clause deletions and a substituted proviso exclude attribution for income from a firm where the spouse has recognised professional qualifications; Explanation 1 designates inclusion of income in the spouse with the higher total income and restricts subsequent attribution absent Assessing Officer satisfaction after hearing; Explanations 1A and 2A are omitted; Explanation 3 prescribes proportional inclusion of income where assets transferred to specified relatives are invested in a business or as partnership capital.
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