Section 60 Of Income Tax Act
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Transfer of income where there is no transfer of assets all income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this act shall where there is no transfer of the assets from which the income arises be chargeable to income tax as the income of the transferor and shall be included in his total income.
Section 60 of income tax act. Introduction generally an assessee is taxed in respect of his own income. All income arising to any person by virtue of a revocable transfer of assets shall be chargeable to income tax as the income of the transferor and shall be included in his total income. But sometimes in some exceptional circumstances this basic principle is deviated and the assessee may be taxed in respect of income which legally belongs to somebody else.
Including any income or profits tax payable by or in respect of the taxpayer for the taxation year in which the taxpayer died or for any previous taxation year and any estate legacy succession or inheritance duty payable in consequence of the taxpayer s death. Section 60 in the income tax act 1995. Clubbing of income under income tax act 1961 section 60 to 64.
Section 61 of income tax act 1961 2017 provides for revocable transfer of assets. 1 short title 2 part i income tax 2 division a liability for tax 3 division b computation of income 3 basic rules 5 subdivision a income or loss from an office or employment 5 basic rules 6 inclusions 8 deductions 9 subdivision b income or loss from a business or property 9 basic rules 12 inclusions.
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