Cross transfers (Clubbing of income)

Vedant Khanna (374 Points)

24 January 2019  
If Mr. A gifts Rs. 500000 to wife of friend Mr. B on occasion of their marriage
and Mr. B gifts Rs. 500000 to wife of Mr. A on accasion of their marriage,

and House property is purchased by the respective wives out of Rs. 500000.
Will Rental income from the house attract provisions of clubbing by way of cross transfer?