23 January 2014
Whether a property transferred by a father to his major son will attract clubbing provisions on the rent receivable in future on the property, or will it attract capital gains tax or will none of the above provisions be attracted. Note that the son is a major.
No clubbing provision u/s 64 are attracted if property is transferred by father to his MAJOR son. Hence rent on the property would not be taxable under father return. Moreover, gift (property) received from the relative is exempt u/s 57, hence there will not be any capital gains.
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