Urgent (regarding clubbing of income)

This query is : Resolved

anshul (Querist)
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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.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

anshul

anshul (Querist)
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26 September 2011 In this case ownership has not been transferred only GPA has been executed in favour of major son.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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07 October 2011 No the property will be taxed in the hands of the person who has executed the GPA

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