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As per the provisions of section 64 of the Act, incomes arising directly or indirectly to the spouse receiving the gift from the assets gifted shall be clubbed in the income of the spouse who has gifted for the purpose of levy of income tax.
Missed claiming tax deductions in investment declarations? Do it while filing returns So long as you make your tax-saving investments or incur certain expenses within March 31 (July 31 this year), you are still allowed tax deductions January 10, 2021 / 07:29 AM IST Despite multiple reminders from employers, many tend to delay submitting proofs of tax-saver investments, resulting in higher tax deduction from their salary during January, February and March. Some get overlooked due to inadequate awareness of the range of tax reliefs available. “While it is important to declare all tax savi...