Gift from Spouse

there is a way. As per the provision, relationship must exist both at the time when the property is transferred and at the time when income accrues. hence, transfer before marriage. the income from property will not be clubbed because relationship did not exist at the time of transfer

Yeah it should be applied it means if house property is transferred from one spouse to other one than Section 27 deemed owner will apply.

Originally posted by : Mukund
	there is a way. As per the provision, relationship must exist both at the time when the property is transferred and at the time when income accrues. hence, transfer before marriage. the income from property will not be clubbed because relationship did not exist at the time of transfer

You are right Mr. Mukund but practically this is like impossible as no body is going to transfer his/her property before marrige. 

i agree with suchitra..........................

all others taxable in the hands of the individual ie the transferor!!

all other properties taxable in the hands of the individual

If asset gifted to spouse is asset otherwise then house property then Sec 64 attracted and income from asset clubbed in the hands of transferor. But where asset is house property then sec 27 (deemed owner) is attracted and in such case Annual Value of property assessable in hand of tansferor and not in transferee.

It is better if transfer takes place few days before marriage.. In that case the provisions relating to deemed ownership and clubbing does not attract.. Hence v can avoid tax in d hands of transferor...

But if a person transfers d same much before the marriage then he wil miss out on both house n spouse... Be careful.. He/she wil escape with the property.. ha ha ha....

It wil depend on the indivdual's perception whether to gift or not b4 marriage.. If he/she is so confident that the benefitor wont run away with it then he/she can gift the same... Coz gifts in kind are not taxable till AY 09-10 to transferee and its not taxable to the transferor if clubbing provisions are not applcbl. Since the husband-wife relationship does not exist b4 marriage and gift of property at this time wil not attract clubbing provisions..

 Dont think abt Sec.56(2)(vi) - Taxation of Gifts (IOS chapter) here. Its applcbl only for cash gifts.