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Clubing of income

This query is : Resolved 
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(Querist)
26 December 2012 Dear sir,

if mr. x transfer income to mr. y his friend without transfering assest against which mr.y transfer some goods of the same amount whether income will be clubbed in the hands of mr.x.

pls answer fast.....................
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Pankaj Gupta

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Pankaj Gupta (Expert)
26 December 2012 No clubbing will apply as adequte consideration is present in. the case.
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