Income from assets transferred to any person for the benefit of spouse of the transferor - (New) Section 99(1)(d) / (Old) (Section 64(1)(vii)

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....01.04.2026 ] Provision - The total income of any individual, for a tax year, shall include the income arising directly or indirectly,-- • to any person or association of persons from assets transferred directly or indirectly, • otherwise than for adequate consideration to the person or association of persons by such individual, • to the extent to which the....

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....ation of person Under Section 64(1)(vii) of the Income Tax Act, 1961 [ Upto  31.03.2026 ] • Asset transferred to a person or an AOP  without adequate consideration, then the income from such asset shall be included in the income of the transferor to the extent to which the income is for the immediate or deferred benefit of his/her spouse. • Clubbed ....

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....; The income of the trust is not exigible to clubbing under section 64(1)(vii). [ Arvind H. Dalal  Versus Second Income Tax Officer 1983 (11) TMI 107 - ITAT BOMBAY-D ] • where no income accrues, no benefit is derived, and no income exists in the hands of the minor child, it would be inconsistent with the scheme of Section 16 to include such non-existent income or benefi....