Mr A transferred his mmovable property to his wife by executing a gift deed & also transferred the ownership of the immoveable property without consideration.
a) Any income arising from this property will it be clubbed to the income of husband as its without consideration.
or
b) Since the ownership is transferred will the income arising out of this property clubbed with husband's income only bz of no consideration.
Regards
Venkat
Nothing of no consideration.
Clubbing is applicable because of sec. 64(1)(ii); interest in the property of husband gifted to wife/Spouse....
Thanks !
Which means any income arising out of any immoveable property gifted to spouse for consideration or without consideration even if ownership is transferred will be clubbed to the income of transferor. Hope I got you correctly.
Yes. you are correct... But take it without consideration. As part consideration will attract capital gains liability again.
Dear Sir,
Thanks 👍
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