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Property transfer to huf u/s 64(2)
I read somewhere that if an individual transfer his property to Huf than rent derived from aforesaid property is taxed in hands of Huf
but my confusion is that as per sec 64(2) if individual transfer property to Huf without adequate consideration than income shall continue be clubbed in hands of transferor
so who will liable to pay tax on rent individual or Huf.
Replies (1)
Sec 64(2) would apply if self acquired property is converted into joint family property. And hence income would be chargeable in the hands of transferor ie the individual and not HUF...
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