CLUBBING U/S 60 ? WHAT IS IT
This query is : Resolved
20 July 2010
IF ASSET IS TRASFER TO A PERSON INCOME ARSING FROM SUCH TRANSFER FOR CONSIDERATION THAN INCOME OF SUCH
Q > WILL BE CLUBBED OR NOT AND WHY ??
Q > IF ASSET IS HP THEN DOES THE ANSWER CHANGE AND WHY ??
THANKS
IF ASSET IS TRASFER TO A PERSON INCOME ARSING FROM SUCH TRANSFER FOR CONSIDERATION THAN INCOME OF SUCH
Q > WILL BE CLUBBED OR NOT AND WHY ??
Q > IF ASSET IS HP THEN DOES THE ANSWER CHANGE AND WHY ??
THANKS
CA. Anoop Gadia
(Expert)
20 July 2010
please give full problem
Shudhanshu Agrawal
(Expert)
20 July 2010
If any asset is transferred to a person without consideration (except gift etc) then income from such asset shall be clubbed with the transferror as this transfer took place to save taxes.
If any asset is transferred to a person for consideration then income from such asset shall be taxable in the hands of the transferee.
In case of house property first we need to read Section 27 i.e. deemed owner properly. As in that different provisions are mentioned in which a person not having actual property shall be considered owner of the property and hence any income generated from it shall be taxable in the hands of the deemed owner.
If any asset is transferred to a person for consideration then income from such asset shall be taxable in the hands of the transferee.
In case of house property first we need to read Section 27 i.e. deemed owner properly. As in that different provisions are mentioned in which a person not having actual property shall be considered owner of the property and hence any income generated from it shall be taxable in the hands of the deemed owner.
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