TaxTMI 
TaxTMI 
Amendment of section 64 (Omitted)
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.... section 64 of the Income-tax Act, in sub-section (1),- (a) clause (i) shall be omitted; (b) in clause (ii), for the proviso, the following proviso shall be substituted, namely :- "Provided that nothing in this clause shall apply in relation to any such income arising to the spouse from a firm carrying on any such profession as is referred to in sub-section (1) of section 44AA, where the spo....
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....), the individual, in computing whose total income the income referred to in that clause is to be included, shall be the husband or wife whose total income (excluding the income referred to in that clause) is greater; and where any such income is once included in the total income of either spouse, any such income arising in any succeeding year shall not be included in the total income of the other....
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.... income arising out of the business to the transferee in any previous year, which bears the same proportion to the income of the transferee from the business as the value of the assets aforesaid as on the first day of the previous year bears to the total investment in the business by the transferee as on the said day; (ii) in the nature of contribution of capital as a partner in a firm or, as th....