Are clubbing provisions applicable if I have transferred my house property to my wife without getti…
Are clubbing provisions applicable if I have transferred my house property to my wife without getting anything in return, but the contract is revocable, i.e I can regain the property from her at any time?
Chiranjibi Jul. 03, 2018
Revocable transfer is generally a transfer in which the transferor directly or indirectly exercises control/right over the asset transferred or over the income from the asset.
As per section 61, if a transfer is held to be revocable, then income from the asset covered under revocable transfer is taxed in the hands of the transferor, being you.
So, to answer your question, yes, clubbing provisions would be applicable to you.
