21 February 2013
please help me in understanding the provision relating to clubing of income, if a husband transfers the house property to his wife without any consideration and there after wife let out the property and receives some rent on let out property .
26 February 2013
gifting some one merely transfers the asset to such the transfaree.. any income arising from such asset will be clubbed in the hands of the transferor.
thus technically if someone makes a gift to a relative as per Sec 56(2) then any income arising from such gift will be taxable to the person giving gift !
In case of gift receiver being a minor, any income arising from such gift to minor will be clubbed in hands of mother or father having higher income..
CAclubindia
