Income from assests to spouse
This query is : Resolved
01 May 2014
According to sec 64 (1) clause4 where an assest is transfered (other than house property) by an individual to his /her spouse otherwise than for adequate consideration or IN CONNECTION WITH AN AGREEMENT TO LIVE APART any such income from such asset will be deemed to be income of transferor.
However this section not applicable in the case of : IF ASSETS ARE TRANSFERED IN CONNECTION WITH AN AGREEMENT TO LIVE APART.
I'm confused on the highlighted portion. please clarify it thanks! in advance.
01 May 2014
if you make agreement with his wife and tfr an assets with result of divorce or otherwise.
then income not include in your hand
then income not include in your hand
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