20 July 2010
If any asset is transferred to a person without consideration (except gift etc) then income from such asset shall be clubbed with the transferror as this transfer took place to save taxes.
If any asset is transferred to a person for consideration then income from such asset shall be taxable in the hands of the transferee.
In case of house property first we need to read Section 27 i.e. deemed owner properly. As in that different provisions are mentioned in which a person not having actual property shall be considered owner of the property and hence any income generated from it shall be taxable in the hands of the deemed owner.
CAclubindia
