Urgent (regarding clubbing of income)
This query is : Resolved
26 September 2011
suppose Mr.A is the owner of commercial property & he exercises General Power of attorney(GPA) in favour of his major son & his son lets(Rent) out that commercial property
so whether clubbing & deeming provisions shall be applied or not.
so whether clubbing & deeming provisions shall be applied or not.
26 September 2011
Clubbing provisions apply only when the property is transferred to a minor son. The provisions do not apply when property is transferred to a major son.
Accordingly, in the above case, the clubbing provisions shall not apply and the income shall be taxable in the hands of the major son.
Accordingly, in the above case, the clubbing provisions shall not apply and the income shall be taxable in the hands of the major son.
26 September 2011
In this case ownership has not been transferred only GPA has been executed in favour of major son.
07 October 2011
No the property will be taxed in the hands of the person who has executed the GPA
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