if an individual transfers assest to his spouse ( for not adequate considration) & the income ariseing on asset is directly or indirectly benefited to the individual
but what if:
1.there was an agreement to live apart 2.there was no agreement to live apart . when transfer took place
wil income be clubbed in the hands of individual in both cases (1. & 2.) as he is geeting the benefit ?
16 March 2012
where the agreement to live apart. It will be called as transfer and the income on such assets shall not be clubbed in the transferor.
Where there is no agreement to live apart, there is no transfer and hence this asset will form part of wealth of the transferor and income on such assets shall be clubbed.
CAclubindia
