Revocable transfer of assets makes income taxable as the transferor's income and included in his total income. Income arising from a revocable transfer of assets is chargeable to income-tax as the income of the transferor and shall be included in his total income; ... Summary
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Revocable transfer of assets makes income taxable as the transferor's income and included in his total income.
Income arising from a revocable transfer of assets is chargeable to income-tax as the income of the transferor and shall be included in his total income; the revocability of the transfer results in attribution of income to the transferor rather than the transferee.
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