24 January 2015
As per section 60 when a person transfers the income accruing to an asset without transferring the asset , the income will be taxable in the hands of the transferor ,"whether the transfer is revocable or irrevocable ". ..What you mean by "whether the transfer is revocable or irrevocable" . If the transfer of the asset is irrevocable then why would the income be clubbed ?? I am confused ..