Income of individual to include income of son's wife - Section 64(1)(vi) - Income Tax - Ready Reckoner - Income Tax

Income of individual to include income of son s wife - Section 64(1)(vi) Any income which arises from assets transferred directly or indirectly by an individual to his son s wife, otherwise than for adequate consideration shall be included in the income of the transferor. The relationship must exist both at the time of transfer of asset and at the time when income accrues. Cross-transfers are also covered. The transfer should be without adequate consideration.