21 June 2010
if i own a house property already and i take another house property in my spouse name who is not a earning member ...in whose name the income from that house property will be taxable......her (owner) or mine(consideration paid)
21 June 2010
As per section 27(i): Where the house property is transfered by an individual to his or her spouse otherwise than for adequate consideration, the transferor will be treated as the deemed owner of that property and the income from that property will be taxable under his or her hands.
Neither section 64(1)(iv) nor section 64(vii) will be attracted in the present case.
The section 64(vii) is applicable only in case of "Income from assets transfered to any person for the benefit of the spouse of the transferor".
21 June 2010
There is no asset transfer. Here House is purchased by wife. Only fund is arranged by Husband. As per my opinion, The fund arranged by Husband to wife should be shown as loan to wife , which is expensed agaisnt income from that property. I.e Husband should file separte return for her wife . Other's experts views are solicited.
21 June 2010
The reply given by Mr.Bansal seems to be right. It is not clear from the question of the Author whether the husband has arranged the amount as loan or gift. If it is a loan then income from the property is assessable in the hands of spouse.
Section 64(iv) reads as follows: (iv) subject to the provisions of clause (i) of section 27, 80[* * *] to the spouse 81 of such individual from assets transferred 81 directly or indirectly to the spouse by such individual otherwise than for adequate consideration 81 or in connection with an agreement to live apart ;
Since the words "assets transferred directly or indirectly" the transaction would be covered by this section.
21 June 2010
Agreed with Mr Bansal, if return is file in wife name and amount is paid from her it file problem will not, actual scenario needs to be understand.
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