Mr. ‘X’ transfers his house property to Mr. Y with a condition that 25% of the income therefrom should be handed over to him. Mr. Y earns ₹ 1,00,000 from such house property. In this case —
A. Total amount ₹ 1,00,000 shall be assessed in the hands of X.
B. Only ₹ 25,000 will be assessed in the hands of X.
C. ₹ 25,000 will be assessed in the hands of X and ₹ 75,000 will be assessed in the hands of Y.
D. Total amount ₹ 1,00,000 shall be assessed in the hands of Y.
Answer:C
Mr. ‘X’ transfers his house property to Mr. Y with a condition that 25% of the income therefrom should be handed over to him. Mr. Y earns ₹ 1,00,000 from such house property. In this case —
A. Total amount ₹ 1,00,000 shall be assessed in the hands of X. B. Only ₹ 25,000 will be assessed in the hands of X. C. ₹ 25,000 will be assessed in the hands of X and ₹ 75,000 will be assessed in the hands of Y. D. Total amount ₹ 1,00,000 shall be assessed in the hands of Y.