Income from assets transferred to any person for the benefit of spouse of the transferor - Section 64(1)(vii) - Income Tax - Ready Reckoner - Income Tax

Income from assets transferred to any person for the benefit of spouse of the transferor - Section 64(1)(vii) Asset transferred to a person or an AOP without adequate consideration, then the income from such asset shall be included in the income of the transferor to the extent to which the income is for the immediate or deferred benefit of his/her spouse. Clubbed (taxable) in the hands of individual transferring the asset.