Clubbing provision + taxation
This query is : Resolved
Darshan Bhavsar
(Querist)
22 July 2017
X gift the car to his wife-Y. X still pay the interest on loan which he take for purchasing car. And car is still in the name of X, even after gifted to wife-Y.
It is valid gift ?
Moreover, Y give that car on rent and stared earning.(car is still in name of X)
In such a case clubbing provision attracted ?
Thanks in advance, hope you understand the case study !
It is valid gift ?
Moreover, Y give that car on rent and stared earning.(car is still in name of X)
In such a case clubbing provision attracted ?
Thanks in advance, hope you understand the case study !
K Srinivas, CMA CS
(Expert)
24 July 2017
In my view, this is not a valid gift. Income earned by will be clubbed in the hands of X.
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