Gift to relative

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2010 A person gifts immovable property and Rs. 10 lacs to his wife through a gift deed.

Whether the same will be clubbed in the persons Assets while Computing Tax.

30 March 2010 yes.
when an asset is transferred without adequate consideration, then any income arising therefrom will be taxable in the hands of the transferor.

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2010 Is there any way out so that the transfer is not clubbed.

31 March 2010 no way


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