Are our two points clear?
First, what we are discussing with your spouse we are
discussing the provision of clubbing
and that too with the spouse means wife's income will be
taxable in your hands
her income will be clubbed in your income and you will be
the one to pay the tax on it this is the simple provision
of clubbing
These points that we are reading
are regarding the income of clubbing of the spouse
First, we saw that you paid more remuneration than required
Second, we were reading that you did transfer the asset you
had to divert the income for that you transferred the asset
but the asset that you transferred you did it without
consideration
or if you did, you did it for inadequate consideration
Now, let's come to the third point
The third point says here my wife got the benefit
I paid more salary, sixth failed
I had kept the post of finance director
Here the rent of the house property is coming
I put that rent in the hands of my wife
What did I tell the tenant?
You pay the rent to your wife and so that the government
doesn't say anything to me
so that the government doesn't say anything to me that's
why I transferred that property
but what was the mistake?
I did it without adequate consideration or without
consideration these two mistakes so in that case the
property will be taxable in my hands and the third point
the third point says the third point says that suppose the
income the income is being agreed to to a third person
to a third person the income is being agreed to
you have transferred the property
but the property that has been transferred without adequate
consideration or without any consideration and you have
transferred it to a third person
but ultimately who is getting the benefit?
Your spouse is getting it
Sir, how? I don't understand this
In this case, what were we studying?
In this case, we were studying that Big B, Amitabh Bachchan
because his income has increased so much he has come to a
30% tax rate he has come to a slab rate to divert his
income he told the tenant that you pay the rent to Jaya
Bachchan the problem was that Jaya Bachchan was only
getting income he didn't have any assets whose house
property was it? Amitabh Bachchan's
so the government raised this problem that why are you
getting the rent? you are the owner of the property so they
transferred the property
but what was the mistake? either they transferred it
without money or with less money this is the third case the
third case says ultimately the wife has to get the benefit
so what am I doing here? to the third person
I am transferring the property to the third person
either without consideration or for inadequate consideration
I have transferred the property to the third person now
what will happen? the rent will be received by the third
person
and ultimately the rent that will be received from that
from that rent income who is getting the benefit? my spouse
as an example
he gave Sundar Veera the house property without
consideration or for inadequate consideration
Sundar Veera always asks for something
Jethalal thought he always comes to ask this time I will
take advantage of it that he will stop asking all his life
he said Sundar Veera
Sundar Veera has come say my dear brother-in-law he said my
dear brother-in-law is a very good thing
the thing is that I am giving you my property
Sundar Veera his ears stood up
Jethalal said I am giving you the property there is already
a tenant the property is in my name my income comes in 30%
slab rate if I receive his rent
I will have to pay tax according to 30% do one thing
I transfer the property to you you don't have any income
you receive the rent
I will give instructions to the tenant that I will make the
cheque in your name he said ok for example the rent is 5
lakhs Sundar Veera's rent is 5 lakhs 5 lakhs is already
covered in his exemption limit
but I also told Sundar Veera that my dear when the entire
year's rent comes then for your sister gift a necklace of 5
lakhs when you will come here next time
when you will come from Ahmedabad then buy a necklace of 5
lakhs
ultimately what is the transaction
I gifted a property to a third person what did I gift
without consideration or for inadequate consideration
I gave him the property the income that was mine now it has
become his income the income that was going in my hands now
it is going in his hands
but ultimately who is getting the benefit the spouse so sir
in this case tell me in this case should the income club be
in my hands
I have made so many mistakes first I gifted to a third
person third person transferred the income to the spouse
tell me in that case in my hands should the income club be
yes or no answer is yes in my hands the income club will be
there my dear this is a simple point this is the point sir
see this