In the return of income the\u00a0 assessee has\u00a0\u00a0 clubbed loss from the business of\u00a0 his\u00a0 spouse\u00a0 in view of the provisions of\u00a0 section 64 of the Act\u00a0 which she has suffered in the business of Futures and Options (F & O), which was disallowed by the\u00a0 AO . On appeal the Tribunal held that\u00a0 in view of\u00a0 Explanation 3 To Section 64(1)(Iv) entire amount of\u00a0 loss resulting from business of\u00a0 F&O incurred by\u00a0 assessee’s wife was liable to be clubbed in hands of\u00a0 assessee for purpose of\u00a0 set off. (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 64 : Clubbing of income-Spouse-Wife invested gifted amount in business of Futures and Options (F&O)-Loss incurred by wife is Liable to be clubbed in hands of assessee for the purpose of set off. [S. 64 (1)(iv)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15893","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-48l","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=15893"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15893\/revisions"}],"predecessor-version":[{"id":15894,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15893\/revisions\/15894"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=15893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=15893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=15893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}