Clubbing of Income in Case Transfer of Income without Transfer of Asset

Transfer of income without transfer of asset under section 60 of the Income Tax Act, 1961

As per section 60 of the income tax act, 1961 Income arising to any person by virtue of transfer of income related to any particular asset but ownership of that asset is not transferred which means asset will remain the property of the person who made the transfer, then income arising from that property/asset is deemed to be the income of transferor and is taxable in his hand. It will not make any difference whether transfer of income is revocable or irrevocable in nature. Also Read Clubbing of Income for Minor Child or Also Read Clubbing of Income of your Spouse/Wife or Son’s Wife

One thought to “Clubbing of Income in Case Transfer of Income without Transfer of Asset”

  1. I just want to know whether the benefits of the tax paid by the transferee (TDS) Before the end of the F/Y can be availed by the trasferrer in case of clubbing of income.

Leave a Reply

Your email address will not be published. Required fields are marked *