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If it is done for inadequate consideration, then clubbing is applicable and Income is taxable in the hands of transferor

 

Asset Transferred to Son’s wife. - Different types of Clubbing

 

 

 

Asset Transferred Used for Business by Transferee

Proportionate Income arising from business will be treated as total income of transferor

Proportionate Investment=Value of Asset Transferred/Total Investment 

as on first day of previous year

(Same Provisions as Asset transferred to spouse)

 

  1. Income Tax
  2. Clubbing of Income of Other Persons
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CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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