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Clubbing provision
If mr. X buys a house in the name of his housewife mrs. X, will rental income be clubbed in hands of mr. X. And also who is liable for wealth tax?
Replies (2)
Clubbing provisions of Section 64(iv) will apply, Clubbing will apply for WT also. Refer Section 4(1) of WT Act.
When the property is transferred for inadequate consideration the property will be clubbed in the hands of the transferor and so the rental income will also be clubbed in the hands of Mr.X. The same provisions will apply in case of Wealth Tax also.
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