Income
This query is : Resolved
ASHWINKUMAR MAHAJAN
(Querist)
15 June 2013
Any property transferred to a major son by father for inadequate consideration, will there be any clubbing of income, will the answer change if transferred to wife
CA Alexandar Gazi
(Expert)
15 June 2013
Mr. Mahajan,
Clubbing provision will not be applicable in case property is transferred to a major son. i.e. income arising out of such property will be assessed in the hands of son.
If it were transferred to wife, clubbing provision would have been attracted U/S 64 (1) (iv) provided such transfer is not in connection with an agreement to live apart.
Thanks,
Alexandar Gazi
Clubbing provision will not be applicable in case property is transferred to a major son. i.e. income arising out of such property will be assessed in the hands of son.
If it were transferred to wife, clubbing provision would have been attracted U/S 64 (1) (iv) provided such transfer is not in connection with an agreement to live apart.
Thanks,
Alexandar Gazi
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