@CLUBBING OF INCOME@ Section 60- if any person transfers the - TopicsExpress



          

@CLUBBING OF INCOME@ Section 60- if any person transfers the income from any assets without transferring the assets, then that income will be deemed to be income of the transferor. It is not relevant if such transfer is revocable or irrevocable. Section 61- all the income which arises to any person (transferee) from a revocable transfer of asset, is to be included in the income of transferor. The transfer is called as revocable, if it contains any provision for the retransfer of of income directly or indirectly to the transferor. Once transfer is revocable, the entire income from the transferred asset is to be included in the total income of the transferor.. .Aisha..
Posted on: Sun, 28 Jul 2013 08:47:08 +0000

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