Dear Sir, I have the following query- Suppose Mr. X owed a house property in Mumbai. He gifted the same property in 2013 to his daughter in law Mrs.Y. Now, Mrs.Y is earning a annual rental income from that property. So, will the rental income earned will be clubbed in the income of Mr.X u/s 64(1)(vii) or there is any other related provision regarding the same?
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Clubbing provisions
Replies (6)
yes Rental Income will be clubbed in the hands of transferee(Father In Law)....further Income includes Loss, therfore, in case of Loss from HP the same will be allowed to transferee...
Yes, taxable in the hands of the father-in-law.
Accepted with above
Rental income will be clubbed in the hands of the father under the head income from house property.
This is just a basic question its shows that hows our community is far behind when compared ro iim or iiis.
MR. Ajay, no personal offence, but questions can of any type, just using this forum for learning and teaching, which means he is keen to learn m spent time for asking this question
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