Section 61- Revocable transfer of Assets

hi

Asses means any asset . There is no need to classify it as fixed asset or current asset.

Transferee means any person and not necessiarily relative.

Assessee has to prove that the asset transferred is not revocable during the life time of the benificiary. There is no manadatory need to excecute a transfer deed in this behalf but in order to prove geniuness of the contract it is adivsable to excecute a transfer deed.

Any income arising therefrom will surely be clubbed in the hands of transferee.

hiiii pushkar,

   I do agree with Miss Richa Sharma........

(1) The word 'asset' includes any asset which can generate income which is chargeable to tax under this act.

hence in a case where the assesse though directs the income in the form of rent recieved by letting out any of his house towards his spouse without actually transfering the right in such property to his spouse, such income shall be included in his total income./

(2) 'transfree' any person whether the assessee is interested in him or not..

(3) their must be a transfer deed to prove whether the transfer is revocable or not.........

(4) As the case may be,.....that is to say if the transfer is revocable,,,,,,,the income so generated shall be included in the income of the transferor....and in case of irrevocable,,,,,,,,in the income of the transferee.......

Hi,

Is tihs applicable to the joining bonus paid by the company to employee and then they revoke the same. Does the employee becomes liable for tax or it is the company who has to bear the tax liability.

I need some advice regarding the tax liability on the joining bonus that was paid to me and then taken back. Actually I joined a company and they paid me a joining bonus of Rs.3 lakhs on which they deducted TDS of Rs.92700 at source and paid me the balance which is fine. Now that I left the company and they are are taking back the whole amount (Rs.3 lakhs). I am also OK to pay back the whole amount, but I am requesting them to make sure that the reduce my gross taxable income (income under the head 'Salaries') in my form-16 by the same amount so that I can take refund of the tax which I initially paid on this amount. I am not asking them to pay me back the tax, rather, I will claim refund while filing the return. But for that it should be reflected in my form-16 and form-26AS accordingly. This is a very simple thing which I am asking them, I am not liable to pay tax on something which is no more my income. Initially they paid me the amount and deducted tax which is fine and now that they are taking that amount back then the tax which I paid on this amount needs to be refunded.   But I can only take it they show it in form-16. But they are constantly declining the same and are harassing me on this issue. Its been over month that I have been following this issue with them, but they are not doing it and are just troubling me on this aspect. I am sure I am not asking anything wrong and ideally they should simply do this thing. But on the contrary they are not at all helping me. That's why I am reaching to you for your expert opinion and suggestion that in case they continue to do this and don't reflect that amount in my form-16 then what options are left with me. How can I take the refund of tax that I paid initially on that amount. They say this is application of income, but ideally under this non-self imposed obligation, this cannot be application of income.   Since that 3 lakhs is no more my income, I am not liable to pay tax on that amount. Request you to please help me and provide me with a solution to handle this situation with them.  Looking forward to hear from you. Please help and advise.   Thanks & Regards, Rishi

Read more at: /forum/details.asp?mod_id=351208&offset=0