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<h1>Income from assets transferred to benefit spouse is taxed under Section 64(1)(vii) of the Income Tax Act.</h1> Income from assets transferred to any person for the benefit of the transferor's spouse is governed by Section 64(1)(vii) of the Income Tax Act. If an asset is transferred to an individual or an association of persons without adequate consideration, the income generated from that asset is included in the transferor's income. This applies to the extent that the income benefits the transferor's spouse, either immediately or in the future. Such income is clubbed and taxed in the hands of the individual who transferred the asset.
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