Ravi and Rajat are brothers. During the Financial year 2019-20 Ravi gifts a house to Rajat’s wife worth ₹ 40,00,000. After some time in the same financial year Rajat transfers shares in a foreign company worth ₹ 40,00,000 to the minor daughter of Ravi. The rental income of the house and the dividend received from foreign company shall be taxed in the hands of:
A. Ravi and Minor daughter of Ravi respectively
B. Ravi and Rajat respectively
C. Rajat’s wife and Rajat respectively
D. Rajat’s wife and Minor daughter of Ravi respectively
Answer:A
Ravi and Rajat are brothers. During the Financial year 2019-20 Ravi gifts a house to Rajat’s wife worth ₹ 40,00,000. After some time in the same financial year Rajat transfers shares in a foreign company worth ₹ 40,00,000 to the minor daughter of Ravi. The rental income of the house and the dividend received from foreign company shall be taxed in the hands of:
A. Ravi and Minor daughter of Ravi respectively B. Ravi and Rajat respectively C. Rajat’s wife and Rajat respectively D. Rajat’s wife and Minor daughter of Ravi respectively