A TRANSFERS A LAND TO HIS MINOR SON FOR INADEQUATE CONSIDERATION
SO INCOME ARISES ON SUCH LAND SHALL BE CLUBBED IN HANDS OF A
DOES THE DEDUCTION OF 1500 U/S 10(32) IS AVAILABLE TO A?
A TRANSFERS A LAND TO HIS MINOR SON FOR INADEQUATE CONSIDERATION
SO INCOME ARISES ON SUCH LAND SHALL BE CLUBBED IN HANDS OF A
DOES THE DEDUCTION OF 1500 U/S 10(32) IS AVAILABLE TO A?
The applicability of clubbing provisions due to inadequate consideration covers only in case of transfer to spouse and son's wife, minor is not covered here. Therefore the clubbing of the abovementioned income will be acording to section 64(1A). Therefore exemption of Rs 1500/- u/s 10 (32) will be available.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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