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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- EPF FULL & FINAL RULES IN 2026
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Rental income gst and it purpose
- Management System (IMS)
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
