Mr. A gifted a house property to his wife, Mrs. M and a flat to his daughter-in-law. Mrs. S. Both the properties were let out. Which of the following statements is correct?

CS Executive · Tax Laws · PYQS · December 2024
Mr. A gifted a house property to his wife, Mrs. M and a flat to his daughter-in-law. Mrs. S. Both the properties were let out. Which of the following statements is correct?
(A) Income from both properties is to be included in the hands of Mr. A by virtue of section 64
(B) Income from property gifted to wife alone is to be included in Mr. A's hands by virtue of section 64
(C) Mr. A is the deemed owner of house property gifted to Mrs. M and Mrs. S.
(D) Mr. A is the deemed owner of property gifted to Mrs. M. Income from property gifted to Mrs. S would be included in his hands by virtue of section 64

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax Act

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