Swami Ayyappa Nuli (TAX ADVISOR & CONSULTANT AT G.S.T SUVIDHA CENTER) (1372 Points)
15 September 2012A TRANSFERS A LAND TO HIS MINOR SON FOR INADEQUATE CONSIDERATION
SO INCOME ARISES ON SUCH LAND SHALL BE CLUBBED IN HANDS OF A
DOES THE DEDUCTION OF 1500 U/S 10(32) IS AVAILABLE TO A?
CA Manish
(Job)
(5264 Points)
Replied 15 September 2012
The applicability of clubbing provisions due to inadequate consideration covers only in case of transfer to spouse and son's wife, minor is not covered here. Therefore the clubbing of the abovementioned income will be acording to section 64(1A). Therefore exemption of Rs 1500/- u/s 10 (32) will be available.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
