Clubbing of Incomes – CS Executive Tax Laws MCQs

Ram has gifted on 11th May 2020 an amount of ₹ 10,00,000to his wife Sita without consideration and also for not to live apart. The gifted amount was invested by his wife in interest-bearing security on which she earned interest of ₹ 1,00,000 on 1st January 2020. The amount of interest of ₹ 1,00,000 was further invested by her in the business from which she earned a profit of ₹ 15,000 for the period ended on 31st March 2020. Specify the income which is to be included in the hands of Ram in A. Y. 2021-22.

Transfer of income is revocable in the following cases :

Rohit is working as Company Secretary in Raj Chem Pvt. Ltd. on a salary of ₹ 20,000 p.m. He got married to Pooja who holds 25% shares of this Company. What will be the impact of salary paid to Rohit by the company in the hands of Pooja?

Aiyer gifted 100 shares to his wife on 1st August 2015. She received 200 bonus shares from the company in April 2019. All the shares were sold to a friend for ₹ 1,50,000 in May 2020. The 100 shares were originally acquired by Aiyer for ₹ 5,000.

Which out of the following income is not to be clubbed while computing income of the Hindu Undivided Family (HUF) for the assessment year 2021-22?

All income which arises or accrues to the minor child (not suffering from any disability as specified in section 80U) shall be clubbed with the income of parent whose total income excluding the income to be included of the minor not derived from any activity involving application of his skill, talent or specialized knowledge:

Kapoor gifted ₹ 10,00,000 to his wife Sunita Kapoor on 15th May 2020. The amount of gift of ₹ 10,00,000 was invested by his wife in debentures of a company on 1st June 2020 earning interest @12% p.a.

Ram has gifted an amount of ₹ 10,00,000 to his wife Sita without consideration (but not to live apart), which was invested by his wife in interest-bearing security. She earned an interest of ₹ 1,00,000. The interest of ₹ 1,00,000 was further invested by her in the business from which she earned a profit of ₹ 15,000.

Baby Meena (age 12) a child artist acted in feature films and earned ₹ 3,50,000. The total income of her father is ₹ 5,20,000 and her mother is ₹ 4,80,000.

Mr. Shiva gifted a let-out building that fetches rental income of ₹ 10,500 per month to his son’s wife on 1-11-2020. The municipal tax of ₹ 6,000 on the property was paid on 10-1-2021. The total income from all other sources (computed) amounts to ₹ 2,60,000 except income from the above-said property. His total income chargeable to tax is:

Rohit (a Chartered Accountant) is working as Accounts Officer in Raj (P) Ltd. on a salary of ₹ 20,000 p.m. He got married to Ms. Pooja who holds 25% shares of this company. What will be the impact of salary paid to Rohit by the company in the hands of Ms. Pooja

Shyam transferred 2,000 shares of X Ltd. to Ms. Babita without any consideration. Later, Shyam and Ms. Babita got married to each other. The dividend income from the shares transferred would be