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clubbing provisions

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 March 2010 Husband transfers house to wife, without any consideration.

Wife sold the house.

In whose hands the income is taxed.

Note:
Sec 64(i)(iv) relates to other than house property.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
24 March 2010 Here section 64 (1) (iv) attracts meaning therby the capital gains,if any, shall be computed in the hands of the wife and thereafter the same shall be clubbed with the income of the husband for the purpose of taxation.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 March 2010 Section 64 (1)(iv) is for all assets. If it is let out property section 27(1) has to be applied.
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