**Case Scenario - II** Sudipto, a resident individual aged 54 years, gifted shares of an Indian company listed on a recognised stock exchange in India, to his friend Shanu to help him financially on 01.04.2024. The gift deed states that the shares will be transferred back to Sudipto in the event of death of Shanu. The FMV of the shares on the date of transfer was ₹ 54,00,000. Shanu received a gross dividend of ₹ 4,50,000 on these shares during the F.Y. 2024-25. Sudipto is engaged in the business of retail trade as proprietor. During the F.Y. 2021-22, he paid₹25,000 p.m. to his wife, Swati as salary, being the marketing in-charge. Swati does not have any professional qualification or experience for the job. This income was clubbed in the hands of Sudipto as per clubbing provisions in the F.Y. 2021-22. Swati started her MBA studies and did not get any salary from 01.04.2022 to 01.12.2024. She completed her MBA (Marketing) course on 01.12.2024 and again joined her husband's business and started getting ₹55,000 p.m. as salary which is as per the market norms. During the F.Y. 2024-25, Sudipto paid ₹54,000 as medical insurance premium by way of an account payee cheque for his senior citizen parents who are non-residents. Based on the above facts, answer the following multiple choice questions 4 to 6:
Sub-questions (3)
Assume other incomes of Sudipto and Shanu is ₹ 55 lakhs and ₹11 lakhs, respectively. Which of the following statements is correct in this respect?
(A) Dividend income shall be clubbed in the hands of Sudipto as this is a case of transfer of asset without adequate consideration.
(B) Dividend income shall be taxable in the hands of Shanu as clubbing provisions will not apply in this case.
(C) Dividend income shall be taxable in the hands of Sudipto as his income other than dividend is higher than that of Shanu.
(D) Dividend income is exempt from taxation.
Which of the following statements is correct as far as clubbing of salary of Swati for the F.Y. 2024-25 is concerned ?
(A) Salary of Swati will continue to be clubbed in the hands of Sudipto till the assessing officer is satisfied.
(B) Salary of Swati will be taxed in her hands as now she has the required qualification for the job.
(C) Salary of Swati will be taxed in the hands of Sudipto or Swati whose income before such salary is higher.
(D) As a part of tax planning, Swati has the option to decide in whose hands the salary will be taxable to minimise the overall tax liability.
What shall be the amount of deduction under section 80D in the hands of Sudipto assuming he has opted out of the default tax regime?
(A) 54,000
(B) ₹25,000
(C) NIL
(D) ₹50,000