Clubbing of Income

This query is : Resolved

Guest

Guest (Querist)

27 August 2008 Hi!

Please help on the following :

1. Weather gift is revocable transfer or not?

2. Weather will is a revocable transfer or not?

3. Please consider the following example and give suggeestion accordingly-
"Suppose Mr. X transferd a asset to Mrs. X, who later on sold the asset. Capital Gain of Rs. 100000 arised when asset is sold."
Now in whose hands such capital gain will be taxed?

Please help me as soon as possible

Kunal Agrawal
kunalagrawal@aol.in
91-99295-03735

CHEZHIYAN

CHEZHIYAN (Expert)
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27 August 2008 Once it is Gifted.. to Mrs.X.. it is a property of Mrs.X.. Taxable on her hands

Guest

Guest (Querist)

27 August 2008 What about in a case where gift is not genuine?

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SANDEEP AGGARWAL

SANDEEP AGGARWAL (Expert)
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28 August 2008 As per clubbing provision in case of gift to spouse income will be clubbed with assessee only. In this case if Mrs. X is spouse than capital gain will be taxable in the hand of Mr. X only

Regards

CA. Sandeep Aggarwal

Guest

Guest (Querist)

28 August 2008 Both 2 experts have different opinion.

What to do???

Kunal Agrawal
kunalagrawal@aol.in
+91-99295-03735

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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02 April 2012 Where an individual transfers an asset to his spouse without adequate consideration, the income arising from such asset will be taxable in the hands of the transferor.

Accordingly, the capital gain shall be taxable in the hands of Mr. X.