Tax Treatment & Clubbing Provisions
This query is : Resolved
23 June 2011
Hello Experts
I have a case where the individual is abroad and has sent some money to his wife in India, She arranges some more money from bank through loan and also uses the money received from her mother to buy a property.
Now if the property is let out for rent and earns say 7.00 Lacs per annum. Will clubbing provisions apply & if yes what will be the taxable income in the hands of the individual
I have a case where the individual is abroad and has sent some money to his wife in India, She arranges some more money from bank through loan and also uses the money received from her mother to buy a property.
Now if the property is let out for rent and earns say 7.00 Lacs per annum. Will clubbing provisions apply & if yes what will be the taxable income in the hands of the individual
23 June 2011
If the amount received from husband is treated as loan and to be repaid back then clubbing provisions will not apply.
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