Conversion into HUF Property - Section 64(2) - Income Tax - Ready Reckoner - Income Tax

Conversion into HUF Property - Section 64(2) Where an individual being a member of HUF, converts his separate property as the property of the HUF, or throws the property into the common stock of the family, or otherwise transfers his individual property to the family, otherwise than for adequate consideration, then the income arising from such property shall continue to be included in the total income of such individual. And where the converted property has been the subject-matter of a partition, the income derived from such converted property as is received by the spouse on partition shall be clubbed with the income of the individual. The income derived from the converted property or any part thereof shall be deemed to arise to the individual and not to the family Exception - The income referred above shall, on being included in the total income of the individual, be excluded from from the total income of the family, or the spouse, as the case may be.