Rent income in the name of parents

Dear Vineet & Mudit

Can you explain sec 64-1(vii)

"(vii)  to any person ³⁰ or association of persons from assets transferred ³⁰ directly or indirectly otherwise than for adequate consideration ³⁰ to the person or association of persons by such individual, to the extent to which the income from such assets is for the immediate or deferred benefit ³⁰ of his or her spouse ³¹ [* * *]; and]  "

is it mean that if I use this rental income ( from parents ) to pay my loan on home( 1st owner wife & 2nd me= owned jointly ), in that case this income - rental income will be treated as mine ??

Sir as stated in point 1 above can the gift deed registered on property which is on loan.. say parent will take the rental income and file IT disclosing rental income in their name.. while son is paying loan EMI for the mentioned property..