12 September 2015
land given as gift to daughter in law by father in law... and the daughter in law starts a business on the same will the income be clubbed in the hands of the daughter in law??
13 September 2015
The business income shall never be clubbed. Even income arising out of land shall not be clubbed if asset is transferred. Such clubbing is done only when there is diversion of income without transfer of asset, i.e. without transferring asset, FIL is allowing daughter in law to receive rent.
CAclubindia
