https://www.taxtmi.com/caselaws?id=35944 Income from house property gifted by an assessee to his wife before the commencement of the Income-tax Act, 1961 remained includible in the assessee's total income for assessment year 1969-70. The court treated section 64(iii), read with section 27(i), as a computation rule for current income and held that the relevant taxable event was receipt of income in the assessment year, not the earlier transfer date. Deemed ownership applied where house property was transferred to a spouse for no adequate consideration and not in connection with an agreement to live apart, so the prior gift did not prevent assessment of the later income in the transferor's hands. en-us Thu, 04 Sep 1980 00:00:00 +0530 Thu, 18 Mar 2010 11:25:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35944 Income from house property gifted by an assessee to his wife before the commencement of the Income-tax Act, 1961 remained includible in the assessee's total income for assessment year 1969-70. The court treated section 64(iii), read with section 27(i), as a computation rule for current income and held that the relevant taxable event was receipt of income in the assessment year, not the earlier transfer date. Deemed ownership applied where house property was transferred to a spouse for no adequate consideration and not in connection with an agreement to live apart, so the prior gift did not prevent assessment of the later income in the transferor's hands. Case-Laws Income Tax Thu, 04 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35944