In this article, we will discuss the provisions relating to Income from assets transferred to daughter-in-law or son’s wife.
Income form assets transferred to daughter-in-law or son’s wife to be clubbed with the income of the individual [Sec. 64 (1)(vi)]
Income from assets transferred to daughter-in law or son’s wife shall be included with the income of the individual if the following conditions are fulfilled:
Conditions:
| Condition-1 | The asset is transferred (directly or indirectly) on or after June 1, 1973. |
| Condition-2 | The asset is transferred by an individual (father or mother). |
| Condition-3 | The asset is transferred to son’s wife (i.e. daughter-in-law). |
| Condition-4 | The transfer is without adequate consideration. |
| Condition-5 | The asset may be held by son’s wife in the same form or in different form. |
| Condition-6 | The relationship of father-in-law (or mother-in-law) and daughter-in-law subsits both at the time of transfer and at the time of accrual of income. |
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