Mr. Bala transferred his let out residential property to his wife by way of gift settlement. During the financial year 2016-17, she earned rental income of ₹ 30,000 per month. She made fixed deposit in a bank out of such
CS Executive · Tax Laws and Practice · PYQS · December 2017
Mr. Bala transferred his let out residential property to his wife by way of gift settlement. During the financial year 2016-17, she earned rental income of ₹ 30,000 per month. She made fixed deposit in a bank out of such rental income and earned interest income during the year of ₹ 21,000. The total amount of income liable for clubbing in the hands of Mr. Bala for the assessment year 2017-18 is:
Answer & Explanation:
Correct Answer: Option (C)
Official answer key: (C).
Topics: Income Tax
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