If Mr.A transfer asset of ₹ 5 lakhs to Mrs.B & Mr.B transfers asset of ₹ 5 to Mrs.A.
then income from such asset shall be clubbed in the hands of deemed transferor.
who is the deemed transferor here??
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Deemed transferor in case of cross transfer
Replies (2)
Both are transferrer of their own assets, at FMV, which in this example is Rs. 5 lakhs.
Sir,I got that common transfer value shall be clubbed only in total income of both transferor provided that provisions of section 56(2)(x) not get attracted
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