India - Income Tax Act 2010 - Saarc

1.357 CH. V - INCOME OF OTHER PERSONS, INCLUDED IN ASSESSEE’S INCOME S. 64or professional qualifications and the income is solely attributable tothe application of his or her technical or professional knowledge andexperience ;](iii) 79 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.](iv) subject to the provisions of clause (i) of section 27, 80 [* * *] to thespouse 81 of such individual from assets transferred 81 directly orindirectly to the spouse by such individual otherwise than foradequate consideration 81 or in connection with an agreement to liveapart ;(v) 82 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.](vi) to the son’s wife, 83 [* * *] of such individual, from assets transferred 81directly or indirectly on or after the 1st day of June, 1973, to the son’swife 84 [* * *] by such individual otherwise than for adequate consideration;85 [* * *](vii) to any person 86 or association of persons from assets transferred 86directly or indirectly otherwise than for adequate consideration 86to the person or association of persons by such individual, to theextent to which the income from such assets is for the immediate ordeferred benefit 86 of his or her spouse 87 [* * *]; and]88[(viii) to any person 86 or association of persons from assets transferred 86directly or indirectly on or after the 1st day of June, 1973, otherwisethan for adequate consideration 89 , to the person or association ofpersons by such individual, to the extent to which the income fromsuch assets is for the immediate or deferred benefit 89 of his son’s wife90[* * *].]79. Prior to its omission, clause (iii) was reintroduced by the Direct Tax Laws (Amendment)Act, 1989, w.e.f. 1-4-1989.80. Words “in a case not falling under clause (i) of this sub-section,” omitted by the FinanceAct, 1992, w.e.f. 1-4-1993. Earlier these words were reintroduced by the Direct Tax Laws(Amendment) Act, 1989, w.e.f. 1-4-1989.81. For the meaning of the terms/expressions “spouse”, “transferred” and “adequate consideration”,see Taxmann’s Direct Taxes Manual, Vol. 3.82. Prior to its omission, clause (v) was amended by the Direct Tax Laws (Amendment) Act,1989, w.e.f. 1-4-1989.83. Words “or son’s minor child,” omitted by the Finance Act, 1992, w.e.f. 1-4-1993.84. Words “or son’s minor child,” omitted, ibid.85. “and” omitted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985.86. For the meaning of the terms/expressions “any person”, “transferred”, “adequate consideration”and “deferred benefit”, see Taxmann’s Direct Taxes Manual, Vol. 3.87. Words “or minor child or both” omitted by the Finance Act, 1992, w.e.f. 1-4-1993. Earlierthese words were amended by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985and Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.88. Inserted by the Taxation Laws (Amendment) Act, 1984, w.e.f. 1-4-1985.89. For the meaning of the expression “adequate consideration” and “deferred benefit”, seeTaxmann’s Direct Taxes Manual, Vol. 3.90. Words “or son’s minor child or both” omitted by the Finance Act, 1992, w.e.f. 1-4-1993.