Mr. A transferred a house property to his wife in P.Y. 2023-24 for inadequate consideration. She received a rent of 2 lakh from letting out this…

CA Intermediate · Taxation · PYQS · January 2025
Mr. A transferred a house property to his wife in P.Y. 2023-24 for inadequate consideration. She received a rent of 2 lakh from letting out this property and spent - 4,800 as municipal taxes. She deposited the same with bank and earned an interest of 15,000 during the P.Y. 2023-24. Based on the above information, answer the following MCQ no. 4 to 6:
(A) (A) Mr. A -2,15,000 as income of spouse clubbed under clubbing provisions.
(B) (B) Mr. A -2 lakh under income from House Property (HP) and Mrs. A -15,000 under Income From Other Sources (IFOS).
(C) (C) Mrs. A -1,36,640 under income from House Property and - 15,000 under IFOS.
(D) (D) Mr. A -1,36,640 under income from HP and Mrs. A -15,000 under IFOS.

Suggested Answer and Working Notes:

Correct Answer: Option (D)

(D) Mr. A -1,36,640 under income from HP and Mrs. A -15,000 under IFOS.

Topics: Paper 3B: Goods and Services Tax, Paper 3A: Income Tax Laws

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