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House property
Direct Taxation
Sir in case of deemed ownership u/s 27 if owner transfers a property to a major child instead of minor child for inadequate consideration, then also he would be treated as deemed owner?
Answers (5)
Balamurugan V
He will not be treated as deemed owner under the section 27(i) because the sec.27(i) is not satisfied.
Then in case in exam if they gave that he transfers to major child what to do?
Thread Starter
Likhitha SivaniThen in case in exam if they gave that he transfers to major child what to do?
If a person transfers a house property to his major child then he will not be a owner only his major child will be a owner even for inadequate consideration.so income from such house property is not to be taxed in the hands of that father but it is to be taxed in the hands of that son because he is the actual owner.
Thread Starter
Likhitha SivaniThen in case in exam if they gave that he transfers to major child what to do?
In exam, if they asked to calculate that father's income then we should not include that house property because he is not actual owner as well as deemed owner, if they asked to calculate that son's income then we should include that house property because he is actual owner.
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