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Clubbing of Income

01 June 2010

If income of House arising to HUF and that Income is Tansfered to wife of Karta without transfering the property to her will it be clubbed to HUF OR consider income of transfree.

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10 Replies

CA Ayush Agarwal (Kolkata-Pune-Mumbai) (27186 Points)
Replied 01 June 2010

It Will Be Treated as Income of HUF ( I Mean to Whom Name The Property is?)

if on Name of HUF Then HUF Income Only.

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Jagdish Bhalia (Practicing CA) (453 Points)
Replied 01 June 2010

Income will be clubbed in HUF.

kantijain (Chartered Accountant in Practice) (385 Points)
Replied 01 June 2010

Dear Narendra,

Though this appears to me a hypothical question, my reply to this will be based upon sec 60 of the act which provides for taxing the income in hands of the transferor i.e HUF in ur case.

Regards

Kanti Jain

C.Balaji (Learner) (1867 Points)
Replied 01 June 2010

Transfer of Income without transfer of Property - Income will be clubbed in the hands of Transferor...

In the above case, it will be the HUF.....

Bhavik Davda (Proprietor) (238 Points)
Replied 02 June 2010

Right seems like a hypothical question.

Income from the home will be income of huf on account of transfer of property without consideration.... i think thats the only logic.

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CA Deepak Joshi (TaxTalk) (178 Points)
Replied 02 June 2010

yup...thats the only logic.....

and though dis is a hypothetical situation according to many but our institute doesn't think so...

The very same point also came in May 2010 PCC total income q......