Clubbing of income: transferee liable to pay tax attributable to clubbed income on demand when notice served. Clubbing of income under Section 65 renders the transferee liable to pay the portion of tax attributable to income that is included in the transferor's income; the Assessing Officer may serve a notice of demand on the transferee and, where the asset is held jointly, the holders are jointly and severally liable for the tax attributable to that income.