Querry regarding clubbing provision in Income Tax

As per section 64(1)(viii):

income from assets transferred by a person for the benefit of son,s wife attract the provisions of section 64 (1) (vii) on clubbing of income. If,

• The taxpayer is an individual.

• He/she has transferred an asset after May 31, 1973.

• The asset is transferred to any person or an association of persons. The asset is transferred for the benefit of son,s wife.

• The asset is transferred without adequate consideration.

In case of such individual, the income from the asset is included in the income of the person who has transferred the asset.

But no such, clubbing has to be made where such asset has been transferred before the marriage.

In the instant case:

• Income from Capital Gain from transfer of asset by daughter-in-law shall be taxable in the hands of Mother-in-law and she will be allowed exemption u/s 54 (if same is allowable).