TaxTMI 
TaxTMI 
2004 (5) TMI 59
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....cripts of shares of Indian companies to his wife Smt. Kamla G. Jarani out of natural love and affection in December, 2002. Out of these shares, some were sold in the 3 rd quarter of 2003 by Mrs. Kamla G. Jarani. This resulted in earning income in the form of capital gains on the investment originally made by the applicant. On these facts, the applicant has sought rulings on the following questions....
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....ner of Income-tax-I, Indore is the jurisdictional Commissioner. In his comments the C.I.T. has stated that in this case provisions of Section 64(1)(iv) of the Act (and not Section 64(1)(vii)) are attracted and the Capital Gain on sale of shares will have to be clubbed with the other income of the applicant because the shares were transferred by the applicant to his spouse without consideration. On....
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.... income as arises directly or indirectly to the spouse of such individual from assets transferred directly or indirectly to the spouse of such individual otherwise than for adequate consideration or in connection with an agreement to live apart. Similar provision exists under Section 64(1)(vii) where assets are transferred to a third person for the benefit of the spouse of the transferor. 6. In t....