Section 64 of the Income Tax Act deals with Clubbing provisions relating to Income of one’s Spouse. Section 64 covers situations where Income of wife has to be added in the husband’s income and vice versa. These clubbing provisions were introduced with Section 64, in order to eliminate tax evasion by distribution of Income among a family

2) you can purchase property in name of your son

You can purchase property in name of your adopted son

It is better you purchase property in your name

2) later if your adopted son takes care of you then you can execute will bequeathing property to him

3) in alternative execute gift deed in favour of son later

4) it attracts nominal stamp duty of Rs 200

5) registration charges are also Rs 200

There is no such precaution that you will have to take, just contact a local lawyer and he will include all the terms and conditions that are required in the sale deed.

Regards

1. You can transfer the said consideration in his account and show it as gift or loan without any interest provided to him.

2. the consideration for buying the said property should flow from his account and not yours.

3. It will not attract section 64 of I.T. Act, 1961.

The law is same for adopted son as is for biological son.

It will hardly make any difference for implementing provisions of law for the fact that he is your adopted son and not biological son.

1. When you have taken your said son in adoption by executing and registering adoption deed, he has become your son enjoying all the legal facilituies and amenities enjoyed by a biological son.

2. You arrrange to register thesale deed in his favour duly making payment for the said purchase from his account as suggested in my earlier post.

1. An adoption is a complete severance of the legal relationship between the adopted child and his biological parents, and a complete transplantation of the adopted child in the family of his adoptive parents. If the adoption deed has been executed in accordance with law, the adopted child becomes the biological child of his adoptive family for all legal and practical reasons.

2. You are free to buy the property in favour of your son. Section 64 of IT Act will not be attracted.

1. The sale deed has to be supported with consideration. So you nay transfer the amount to his account first and then the sale consideration may be paid by him. This way his title will be perfect.

2. Get all the documents drafted by a lawyer. This is the only precaution that you must observe.

Earlier the taxpayers made an attempt to reduce their tax liability by transferring their assets in favour of their family members or by arranging their sources of income in such a way that tax incidence falls on others, whereas benefits of income is derived by them . So to counteract such practices of tax avoidance, necessary provisions have been incorporated in sections 60 to 64 of the Income Tax Act Hence, a person is liable to pay tax on his own income as well as income belonging to others on fulfillment of certain conditions.

Inclusion of others Incomes in the income of the asses see is called Clubbing of Income and the income which is so included is called Deemed Income. It is as per the provisions contained in Sections 60 to 64 of the Income Tax Act.

He is my adopted son legally . I forgot to mention .

If he is legally adopted then the same provisions will apply.

I forgot to mention that the propert at bangalore I wantt to buy is for my son adopted leagally from sister . Any precaution in sale deed I need to mention

Kindly make sure that this do not fall within the Benami translations Prohibition act.

the said Act was amended through the Benami Transactions (Prohibition) Amended Act, 2016. The amended law empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated. Besides, if a person is found guilty of offence of benami transaction by the competent court, he shall be punishable with rigorous imprisonment for a term not less than one year but which may extend to 7 years and shall also be liable to fine which may extend to 25% of the fair market value of the property.