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Clubbing of income

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Querist : Anonymous

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Querist : Anonymous (Querist)
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 ..
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
26 January 2015 In my view, here the word "transfer" can be understood in reference to income only.
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