Person who are not legally the owner of property but are deemed to be for purpose of Business and Profession
Following are Deemed Owners
(a) TRANSFER TO SPOUSE
If a person transfers property to his/her spouse for inadequate consideration
then the person transferring be the owner and not the spouse .
(b) TRANSFER TO MINOR CHILD
if a person transfers property to minor child for inadequate cinsideration
then it is taxable in the hands of transferor and not minor child.
However if property is transferred to minor married daughter then income is not taxable In the hands of transferor
(c) IMPARTIBLE ESTATE
In case of Impartible estate (property which can not be divided) the owner of such Impartible eatable will be deemed to be the owner of all properties in the estate.
(d) MEMBER OF HOUSING COOPERATIVE SOCIETY
In case of housing co-operative society the member who has been alotted the property shall be deemed to be the owner
(e) PERSON HOLDING POWER OF ATTORNEY
In case of Power of Attorney (contract covered in Transfer of Property Act) the buyer i.e. the person holding the power of attorney will deemed to be the owner even though legally he is not the owner
(f) LEASE AGREEMENT >12 YEARS WHICH IS NOT TAXABLE
In case of lease agreement of at least 12 years the lessee is deemed to be the owner .
Exception:-This does not cover case where lease agreement is renewable on a month to month basis or for a period not exceeding 1 year