I have a property registered in the name of my wife. The property needs to be transfered to My Fathers HUF File. If I get the same gifted to father then later transfer to HUF.
1. Can I get the gift of property done from my wife to my father?
2. If it is possibel then will the income generated from the property would come under clubbing provision?
21 May 2009
1)Your wife can gift the property to your father without attracting clubbing provisions u/s 64. 2)The income arising from the house property will not be clubbed in the inncome of your wife 3) If your father transfers the House property to his HUF, it will attract the provisions of sec-64 & income therefrom will be clubbed with your father's income.
Suggestion: let your father gift the property to your HUF. it will be ancesstoral property & if you don't hav ur own HUF as yet, it will help you create the same.
CAclubindia
