Acts

96. Transfer of income without transfer of assets

CHAPTER V

INCOME OF OTHER PERSONS INCLUDED IN TOTAL INCOME OF ASSESSEE

Transfer of income without transfer of assets.

96. All income arising to any person by virtue of a transfer,––

(a) whether revocable or not, and whether effected before or after the commencement of this Act; and

(b) where there is no transfer of assets from which such income arises, shall be chargeable to income-tax as the income of the transferor and shall be included in his total income.

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