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??
1 Replies
annu Goyal
(1102 Points)
Replied 13 July 2020
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
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