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Gift to relative

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2010 A person gifts immovable property and Rs. 10 lacs to his wife through a gift deed.

Whether the same will be clubbed in the persons Assets while Computing Tax.
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kartik_somu

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kartik_somu (Expert)
30 March 2010 yes.
when an asset is transferred without adequate consideration, then any income arising therefrom will be taxable in the hands of the transferor.
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 March 2010 Is there any way out so that the transfer is not clubbed.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
31 March 2010 no way

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