Clubbing of income: income from assets transferred to a spouse without adequate consideration is taxed to the transferor. Under section 64(1)(iv), income from an asset transferred by an individual to his or her spouse without adequate consideration is clubbed with the transferor; house property transfers without adequate consideration are governed by a different provision. The provision applies even where the transferee spouse changes the form of the asset (for example, investing gifted money in debentures), causing income from the resultant asset to be clubbed with the transferor.