IF MR X DIED AND HIS PROPERTY AUTOMATICALLY TRANSFERED TO HIS WIFE IF HIS WIFE TRY TO TRANSFER SOME PROPRTY/INCOME TO HER DAUGHTER WHAT IS THE PROCEDURE TO SUCH TRANSFER AND THEIR TAX IMPLIFICATION.
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Transferring the income without transferring the property will attract clubbing provisions i.e. income transferred to daughter without transfer of property will be included in the total income of mother. However, gift of property to daughter will not attract capital gains in the hands of mother as per provisions of section 47 and neither it will attract tax in the hands of the daughter under section 56(2)(vii).
Under this provision, it will attract clubbing provision. Income should be taxed in the hand of her mother as arising from property.
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