Cross Transfer to Avoid Clubbing

We know that clubbing provisions are applicable in case of 

transfer to own spouse/child

But what if a person transfers to other person's spouse

and the other person's transfers to first person spouse  to avoid tax

Will clubbing be  applicable?

EXAM QUESTION

Mr. Ramesh gifted a sum of Rs 5 lacs to his brother‟s minor son on 16-4-2015. On 18-4-2015, his brother gifted debentures worth Rs 6 lacs to Mrs. Ramesh.

Son of Mr. Ramesh‟s brother invested the amount in fixed deposit with Bank of India @ 9% p.a. interest

and Mrs. Ramesh received interest of Rs 45,000 on debentures received by her.

Discuss the implications under the provisions of the Income-tax Act, 1961.