as if a person is government employee can person's father gift a company to person's wife which have fixed assets as well as profit in that firm
then income generated in that firm will be calculated in person's father's account or his wife??
Menu
Gift company to daughter in law
Replies (1)
As per sec 64(1) (vi) of Income tax if any individual transfer any assets to his son's wife without consideration or inadequate consideration then profit earned by son's wife will consider income of trasferor.
simple means agar person's father transfer any assets to his son's wife without money or less money then profit earned by son's wife will be consider as income of person's father
simple means agar person's father transfer any assets to his son's wife without money or less money then profit earned by son's wife will be consider as income of person's father
Recent Threads
- Regarding berthing of vesse
- Schedule FA reporting - peak value and cash MMF
- Partnership firm with foreign national person
- Audit required
- Deemed Withdrawal of ASMT-13 Orders & Adjustme
- Need advise with HRA claim
- Schedule AL limit for FY 2024-25
- Can a person use ITR 1 when she has CG of Rs.250/
- Choice of ITR Form
- DTAA with US - Interest & Dividend
Related Threads
CAclubindia
