https://www.taxtmi.com/caselaws?id=13787 The court ruled that rental income transferred to the spouse without consideration was rightly taxed in the transferor's hands under section 64(1)(iv) of the Income-tax Act, 1961. However, interest income from savings made by the spouse from the rental income was not taxable for the transferor as it was not directly linked to the transferred asset. The court emphasized that section 64 applies only to income derived from the transferred asset itself and not to income from savings made from it. The Tribunal's decision to exclude the interest income from the transferor's taxable income was upheld, with costs awarded to the assessee. en-us Wed, 20 Jun 2001 00:00:00 +0530 Thu, 02 Jul 2009 17:05:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13787 The court ruled that rental income transferred to the spouse without consideration was rightly taxed in the transferor's hands under section 64(1)(iv) of the Income-tax Act, 1961. However, interest income from savings made by the spouse from the rental income was not taxable for the transferor as it was not directly linked to the transferred asset. The court emphasized that section 64 applies only to income derived from the transferred asset itself and not to income from savings made from it. The Tribunal's decision to exclude the interest income from the transferor's taxable income was upheld, with costs awarded to the assessee. Case-Laws Income Tax Wed, 20 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13787