n NISM Certifications
X NISM Series X
Medium

If Mrs. Mona transfers bonds to her husband free of cost, in whose hands will the income from these bonds be assessed?

Practice question from NISM Series XB- Investment Adviser (Level 2) Mock Test 1 — bank. The correct answer is highlighted below with a full explanation.

Options

  1. A

    In the hands of Mona or her higher-income spouse

  2. B

    In the hands of Mona’s husband

  3. In Mona’s hands

    Correct answer

  4. D

    As per the discretion of the assessee

Why this is the answer

Income from transferred assets like bonds is clubbed with the transferor’s income unless specific exceptions apply; thus, taxed in Mona’s hands.

Test yourself for real

Take a full NISM Series X mock test.

Same duration, same weighting, same difficulty distribution as the real exam — with explanations on every question.

NISM Series XB- Investment Adviser (Leve…