Revocable transfer income: taxed to transferor, with exceptions and taxation when revocation power arises applies. Income from a revocable transfer of assets is chargeable to tax as the transferor's income and included in his total income; this does not apply to non-revocable trusts during the beneficiary's lifetime or other non-revocable transfers during the transferee's lifetime provided the transferor receives no direct or indirect benefit, but if the power to revoke arises then such income is chargeable to tax as the transferor's income and included in his total income.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Revocable transfer income: taxed to transferor, with exceptions and taxation when revocation power arises applies.
Income from a revocable transfer of assets is chargeable to tax as the transferor's income and included in his total income; this does not apply to non-revocable trusts during the beneficiary's lifetime or other non-revocable transfers during the transferee's lifetime provided the transferor receives no direct or indirect benefit, but if the power to revoke arises then such income is chargeable to tax as the transferor's income and included in his total income.
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