property purchased in H.U.F.

This query is : Resolved

sunil patidar (Querist)
Follow

14 October 2009 please tell that a father (agriculturist) sold his one property (agri. land (urban)) and deposite its consideration in his son's bank a/c and purchased another agriculture land (urban) in name of other son's wife.
how it mean in income tax point of view.

sunny bansal

sunny bansal (Expert)
Follow

15 October 2009 it will be case of clubbing of income as per tax point of view as on whose hand it will be taxable.it will be taxable in the hand of the father and as per clubbing losss will also will be clubbed . therefore, deduction under sec 54b will also be available to father