Dear Vineet & Mudit
Can you explain sec 64-1(vii)
"(vii) to any person 30 or association of persons from assets transferred 30 directly or indirectly otherwise than for adequate consideration 30 to the person or association of persons by such individual, to the extent to which the income from such assets is for the immediate or deferred benefit 30 of his or her spouse 31 [* * *]; and] "
is it mean that if I use this rental income ( from parents ) to pay my loan on home( 1st owner wife & 2nd me= owned jointly ), in that case this income - rental income will be treated as mine ??
CAclubindia
