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ESCAPE THE TAX AXE & RELAX!

Income from gift to your spouse is liable to be clubbed with your income but you can surely plan lawful circumvention!     Section 64(1) of the Income-tax Act provides that in computing the total income of an individual, the income arising to the spouse from assets gifted by an individual would be clubbed with the total income of the individual. Similarly Section 4 of the Wealth-tax Act also provides for inclusion...

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