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CAPITAL GAIN

This query is : Resolved 
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(Querist)
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
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K V Subba Rao

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K V Subba Rao (Expert)
18 March 2009 Yes, if son is minor.

(Finally, there may be no tax impact; basically clubbing provisions are invoked)
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HUZAIFA HUSSAIN

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HUZAIFA HUSSAIN (Expert)
18 March 2009 YES
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CA Amol Mahajan

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CA Amol Mahajan (Querist)
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
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K V Subba Rao

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K V Subba Rao (Expert)
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
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