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AAFM CTEP Exam - Topic 2 Question 63 Discussion

Actual exam question for AAFM's CTEP exam
Question #: 63
Topic #: 2
[All CTEP Questions]

Vikrant Juneja gifted his house property to his wife in year 2007. Mrs. Juneja then lets out this house @ Rs. 5000 per month. The income from such house property will be taxable in the hands of:

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Suggested Answer: C

by Dell at Apr 05, 2025, 09:15 PM

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Ahmed
3 months ago
Anyone's guess, but I think it's clear-cut!
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Cristy
3 months ago
I thought it would be Vikrant since he gifted it.
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Armando
3 months ago
I agree, she owns the property now!
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Noel
3 months ago
Wait, can Vikrant still be taxed on it?
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Nancey
3 months ago
It's definitely Mrs. Juneja's income.
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Carisa
4 months ago
I feel like the answer could be either of them, but I lean towards Mrs. Juneja since she is the current owner of the property.
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Tomas
4 months ago
This question reminds me of a similar practice one where the income was taxed based on ownership. I think it might be Vikrant in this case.
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Mohammad
4 months ago
I'm not entirely sure, but I remember something about deemed ownership rules that might apply to Vikrant.
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Mitsue
4 months ago
I think the income should be taxable in Mrs. Juneja's hands since she is the one receiving the rent.
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Nida
4 months ago
Okay, I think I've got it. The income from the rented property will be taxable in the hands of Mrs. Juneja since the property was gifted to her. Option A seems to be the right choice.
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Salena
5 months ago
I'm not entirely sure about this one. I'll need to revisit my notes on the taxation of income from gifted properties to make an informed decision.
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Avery
5 months ago
The key here is to identify who the rightful owner of the property is for tax purposes. Based on my understanding, I believe option C is the correct answer.
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Lettie
5 months ago
Hmm, I'm a bit confused about the concept of "deemed owner" mentioned in one of the options. I'll need to review that before selecting an answer.
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Edward
5 months ago
This seems like a straightforward question on the taxation of income from gifted property. I'll carefully read through the options and think about the relevant tax laws.
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Sarah
11 months ago
Haha, Vikrant should have just rented the house to his dog instead. No tax on that, right?
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Denise
10 months ago
Haha, that would have been a clever way to avoid taxes!
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Stephanie
10 months ago
C) Vikrant, as he will treated as deemed owner & liable to pay tax
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Brock
10 months ago
A) Mrs. Juneja
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Lindsey
11 months ago
But what if Vikrant is treated as the deemed owner? Would the income still be taxable in Mrs. Juneja's hands?
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Cordelia
11 months ago
I agree with Dick. Mrs. Juneja received the gift of the house property, so the income should be taxable in her hands.
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Skye
11 months ago
D makes the most sense to me. The income should be taxed in the hands of whichever spouse has the higher total income.
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Vallie
10 months ago
Exactly. The tax liability will fall on the spouse with the higher income, regardless of who owns the property.
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Bettyann
10 months ago
So, it doesn't matter who technically owns the property, it's all about the total income of each spouse.
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Kimbery
10 months ago
Yes, that makes sense. It's based on who has the higher income overall.
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Thurman
10 months ago
I think D is the correct option. The income should be taxed in the hands of the spouse with the higher total income.
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Dick
11 months ago
I think the income will be taxable in the hands of Mrs. Juneja.
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Wava
11 months ago
I think the answer is A. Mrs. Juneja should be taxed on the rental income, since the property was gifted to her.
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Iesha
10 months ago
C) Vikrant, as he will treated as deemed owner & liable to pay tax
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Janey
10 months ago
That's correct. Since the property was gifted to her, she will be taxed on the rental income.
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Alaine
10 months ago
A) Mrs. Juneja
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