Clubbing of income If an individual say Mr.X transfers a house property to his wife Mrs.X for an inadequate consideration then Mr.X is considered to be the deemed owner. In the above case If Mrs X, sells the house property and gets capital gains then it should be clubbed in the hands of of Mr X. My query is that to avail any eligible capital gain exemptions, who has to make investment? Is it Mr X or Mrs X?
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Clubbing of income
Replies (1)
Mrs X sells the property and hence she will include in her ITR whatever capital gain is there.
Inadequate consideration question will be solved as per 50C section provisions in the year in which transfer is registered with registrar office.
Inadequate consideration question will be solved as per 50C section provisions in the year in which transfer is registered with registrar office.
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