Mr. X gifted a historical sculpture of INR 50,000 to her wife Mrs. X. Mrs. X, who further displayed this sculpture to an event organized by a museum. Museum is going to pay Mrs. X INR 90,000 as fees for the period this sculpture is placed in the museum.
Mr. X also gifted a house at Lonavala to her wife, which she further rented out.
Q. Fess of INR 90,000 is taxed in the hands of whom?
Q. Does the transfer of historical sculpture by Mr. X to her wife constitute a capital asset under section 56 (2) (X)?
Q. Transfer of house at Lonavala is governed by which section of Income tax?
Q. Who is treated as owner post transfer and why?
Q. Rental incomed received from letting out of house is taxed under whose hands?
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