hello friends,
please somebody clarify my doubts which is as follows:
.Suppose a father transfers his house to his major son without any consideration for ever and his son let it out to a tenant for Rs. 10000 p.m. and son keeps the entire income from the house.
1. Now can father in such circumstances be treated as deemed owner of the property under section 27( i am confused since in sec 27 only the transfer to spouse and minor child is mentioned and not the transfer to major child)??
2.and if he can't be treated as deemed owner will such transfer be treated as revocable transfer under section 61 or not and whether the clubbing provisions will apply or not here??? or will it be the son himself liable to tax on such income without any clubbing provisions being applied to the given situation???????
plz plz plz plz plz help
thanking in anticipation.
CAclubindia
