20 July 2010
if asset transfer before marriage of son u transfer to other person than this not clubbed because if you transfer assets more than Rs. 50,000 to other than relative than it is income of other person in there individual capacity.
but after marriage of son there is a relation n for tax planning some one can transfer asset to relative so in income tax clubbing provision are incorporated to reduce such type of tax planning.
20 July 2010
Clubbing provisions were introduced so that persons are not able to do tax planning by transferring assets to their relative without or for inadequate consideration.
CAclubindia
