Clubb ??

This query is : Resolved

AMIT (Querist)
Follow

29 July 2010 mR. A PURCHASE HOUSE PROPERTY IN THE NAME OF MRS. A
RENTAL INCOME RS. 1 LACS

IN WHOES INCOME IS THAT TAXABILE MR. A OR MRS. A ?

WHY CLUBBING IS NOT DONE, IF NOT ?

srinath

srinath (Expert)
Follow

29 July 2010 it would be clubbed in the hands of MR.A

AMIT

AMIT (Querist)
Follow

30 July 2010 the tranfer is not revocable

than how it will be clubbbed in the hand of mr. A

please explain in detail

srinath

srinath (Expert)
Follow

30 July 2010 as per section 64(1)(iv) when assets are transferred to spouse for indequate consideration it would be clubbed

tat revocable transfer is only for other ppl.. (other than spouse and son's wife)

AMIT

AMIT (Querist)
Follow

31 July 2010 Sir,

Asset has not been tranfered

as it has been purchased only in the name of MRS. A

srinath

srinath (Expert)
Follow

31 July 2010 ya the asset transferred is cash here... he has given it for inadequate consideration

AMIT

AMIT (Querist)
Follow

02 August 2010 but my CA has not done clubbing.

, i want to clear again , NO TRANFER ,

Asset has been purchased in the name of MRS> A

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

02 August 2010 Just ask your CA that Mrs. A is still living with Mr. A hence clubbing provisions would be applicable.

Mr. Srinath has already given a good dicussion on the problem.

The problem is that your CA is not aware of the law.

(Note : This may be the result of his poor/burdensome articleship training while pursuing CA ).

Appoint another good CA in place of him.

Otherwise more blunder he will do for you in future. Presently also he is doing ........the same job.....

AMIT

AMIT (Querist)
Follow

03 August 2010 sir,

suppose Mrs. A has Rs. 5 lacs in bank and

Mrs. A purchase a land of Rs. 5 lacs, Mrs. a is housewife and does.nt have any techinal or proff. knowlegge

Mr. A is business man

than will there be clubbing ?

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
Follow

03 August 2010 Rs. 5 lakh is not a income therefour not clubbed. land purchase is also not clubb becouse it is not a income. if any interst earn by the Mrs.A is also not clubb.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now