Property when transferred is not an asset under wealth tax act but transferee converts it in asset
whether it will be clubbed in hands of transferror
2 Replies
Suresh Prasad
(www.aubsp.com)
(15630 Points)
Replied 20 March 2011
It Depends on Given Situaltion jee.............
Download the Attached file..........
Attached File : 55 clubbing of income.pdf downloaded: 166 times
Puneet Mittal
(Sr. Officer Accounts)
(212 Points)
Replied 25 March 2011
Hi Neha,
Property is not an assets as per wealth tax act at the time of transffer but after transffer transferee converts it into asset as per wealth tax act than this will be include in the wealth of transferror if transffer is revocable transffer.
In case of irrevocable transffer assets will be include in the wealth of transferee.
Regards
Puneet Mittal
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