Clubbing

If the following conditions are satisfied section 61 will become applicable.

• An asset is transferred under a “revocable transfer”, 
• The transfer for this purpose includes any settlement, or agreement 
• Then any income from such an asset is taxable in the hands of the transferor and not the transferee (owner).

No. The deduction of Rs. 1500 shall NOT be available.

As per Section 27, the assessee himself will be deemed to be the owner of the HP and hence the income from House property shall be assessed in his hands itself u/s 27 of the Act.

Hence, clubbing provisions cannot be applied since the HP itself is deemed to be the property of the assessee father. As a result, the question of clubbing of minor's income does not arise... since there is no income from HP arising to the minor. 

Since there is no income being clubbed under section 64(1A), the exemption of Rs. 1500 u/s 10(32) is also not available.

-other views are invited-

Thank you for clearing my confusions