acquisition of property in the name of spouse

Hi Venkatesh,

Section 64(1)(iv) of the income tax act provides for clubbing of the income arising on the assets (OTHER THAN HOUSE PROPERTY) transferred to his or her spouse other than for the adequate consideration.

Thus, in the given case, provisions of sec 64(1)(iv) of the income tax act not applicable.

However, transfaror shall be deemed to be the owner of the said property u/s 27 and should be assesible as if the said property is not being transferred to the spouse.

Regards,

Manoj

agree with Manoj..sec 64(1)(iv) is not applicable to transfer of house property...in case th assessee has transferred House property without adequate consideration , he will be the deemed owner of the house u/s 27 and tax has to be computed accordingly...

regards,

Sneha

I also agree with Manoj, sec 64(1)(iv) provides for clubbing of the income when an asset is transferred to his/her spouse otherwise than for adequate consideration and it excludes H.P.Sec 27(relating to deemed ownership) will be applicable in this case.

Originally posted by : Manoj B. Gavali
	Hi Venkatesh,   Section 64(1)(iv) of the income tax act provides for clubbing of the income arising on the assets (OTHER THAN HOUSE PROPERTY) transferred to his or her spouse other than for the adequate consideration. Thus, in the given case, provisions of sec 64(1)(iv) of the income tax act not applicable.   However, transfaror shall be deemed to be the owner of the said property u/s 27 and should be assesible as if the said property is not being transferred to the spouse.   Regards,   Manoj

agreed

income tax not applicable