Question And Answer
Subject: 56[2] vs 64 ITAX
Querist: bs
Answered by:
Date: February 26, 2023
Query asked by bs

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 ?

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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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