Amendment of section 64

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....lause (iv), the words, brackets and figure "in a case not falling under clause (i) of this sub-section" shall be omitted; (iv) in clause (vi), the words "or son's minor child,", wherever they occur, shall be omitted; (v) in clause (vii), the words "or minor child or both" shall be omitted; (vi) in clause (viii), the words "or son's minor child or both" shall be o....

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....xplanation shall be substituted, namely :- 'Explanation 3 : For the purposes of clauses (iv) and (vi), where the assets transferred directly or indirectly by an individual to his spouse or son's wife (hereafter in this Explanation referred to as "the transferee") are invested by the transferee, - (i) in any business, such investment being not in the nature of contribution....

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.... to the total investment by way of capital contribution as a partner in the firm as on the said day, shall be included in the total income of the individual in that previous year.'; (b) after sub-section (1), the following sub-section shall be inserted, namely :- "(1A) In computing the total income of any individual, there shall be included all such income as arises ....