CAPITAL GAIN
This query is : Resolved
18 March 2009
MR X OWNS BLDG COST OF ACQUISITION RS 5 LACS GIFT THIS BLDG TO HIS SON Y BLDG FECTCHING RENT OF RS 30 PER MONTH WHETHER THE CLUBBING PROVISION WILL ATTRACTED
18 March 2009
Yes, if son is minor.
(Finally, there may be no tax impact; basically clubbing provisions are invoked)
(Finally, there may be no tax impact; basically clubbing provisions are invoked)
18 March 2009
YES
18 March 2009
but sec 64 is only for spouse or daughter in law is there any provision for transfer of property to son also
21 March 2009
As per Sec 64(1A) all income which arises to the MINOR shall be clubbed in the income of his parent. However, there is exemption upto Rs 1500
In the instant case, rent per month is Rs 30 only per month which works out to Rs 360 per annum. Since minor's income in the instant case is less than Rs 1500, there is finally no tax impact
It appears as though query is raised for academic interest
In the instant case, rent per month is Rs 30 only per month which works out to Rs 360 per annum. Since minor's income in the instant case is less than Rs 1500, there is finally no tax impact
It appears as though query is raised for academic interest
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