| Question And Answer | |
|---|---|
| Subject: | 56[2] vs 64 ITAX |
| Category: | Income-Tax |
| Querist: | bs |
| Answered by: | Advocate Shashi Ashok Bekal |
| Tags: | Clubbing of income |
| Date: | February 26, 2023 |
once property recd from relatives is exempt under the proviso to 56 , is it liable to clubbing u/s 64 for life time on notional/actual income of the same ?
Yes, section 64 of the Income-tax Act, 1961 (Act) will apply to income generated on assets transferred for inadequate considerations to relatives mentioned in section 64 of the Act.
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