If an individual purchases or constructs a house property in the name of his spouse and registers it in the name of his spouse will the income arising from such property be subject to provisions of clubbing (sec 64(1)(iv) ?
venkatesh c (Audit) (63 Points)
05 December 2010If an individual purchases or constructs a house property in the name of his spouse and registers it in the name of his spouse will the income arising from such property be subject to provisions of clubbing (sec 64(1)(iv) ?
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 05 December 2010
Hi Venkatesh,
Section 64(1)(iv) of the income tax act provides for clubbing of the income arising on the assets (OTHER THAN HOUSE PROPERTY) transferred to his or her spouse other than for the adequate consideration.
Thus, in the given case, provisions of sec 64(1)(iv) of the income tax act not applicable.
However, transfaror shall be deemed to be the owner of the said property u/s 27 and should be assesible as if the said property is not being transferred to the spouse.
Regards,
Manoj
Sunshine
(Helping All)
(10575 Points)
Replied 05 December 2010
agree with Manoj..sec 64(1)(iv) is not applicable to transfer of house property...in case th assessee has transferred House property without adequate consideration , he will be the deemed owner of the house u/s 27 and tax has to be computed accordingly...
regards,
Sneha
MD.Taufique
(CA,CS)
(308 Points)
Replied 05 December 2010
I also agree with Manoj, sec 64(1)(iv) provides for clubbing of the income when an asset is transferred to his/her spouse otherwise than for adequate consideration and it excludes H.P.Sec 27(relating to deemed ownership) will be applicable in this case.
| Originally posted by : Manoj B. Gavali | ||
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Hi Venkatesh, Section 64(1)(iv) of the income tax act provides for clubbing of the income arising on the assets (OTHER THAN HOUSE PROPERTY) transferred to his or her spouse other than for the adequate consideration. Thus, in the given case, provisions of sec 64(1)(iv) of the income tax act not applicable. However, transfaror shall be deemed to be the owner of the said property u/s 27 and should be assesible as if the said property is not being transferred to the spouse. Regards, Manoj |
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agreed
income tax not applicable
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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