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Clubbing of income
if someone had transferred any asset to his major son without consideration. income of asset shall club to assesse or not.
Replies (3)
No
in case only income right is transferred. than sec60 will apply or not
Yes.......
As per section 60, if a person transfers income from an asset owned by him without transferring the asset from which the income is generated, then the income from such an asset is taxed in the hands of the transferor (i.e., person transferring the income).
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