Gift and income tax
This query is : Resolved
11 July 2013
1. If the spouse gifts property to her husband, then does the rental income arising thereof accrue to the transferor(wife) or transferee(husband).
2. Is it any different in case the gift is effected between mother and son?
2. Is it any different in case the gift is effected between mother and son?
11 July 2013
1. Rental income is to be assessed in the hands of transferor (wife). Ref ;- section 27(i).
2. Rental income will be assessed in the hands of transferee (son).
2. Rental income will be assessed in the hands of transferee (son).
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