what is the difference between section 60 and 61
section 60 applies to all revocable and irrevocable
but whereas 61 applies to revocable transfers only
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Replies (4)
Section 60 deals with transfer of Income without transfer of asset. Where Section 62 deals with
where Section 61 deals with revocable transfer asset.
Section 60 where only income is transferred and such transfer is revocable or not, income will be included in the Gross Total Income of person transferring the income.
Section 60 where only income is transferred and such transfer is revocable or not, income will be included in the Gross Total Income of person transferring the income.
Where as section 61 deals with revocable transfer of asset and income from such asset will be concluded in the Gross Total Income of the person transferring th3 asset.
Section 61 will be invoked only when asset is revocable during the life time of beneficiary.
Section 61 will be invoked only when asset is revocable during the life time of beneficiary.
thanks
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