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of <h1>Income Transfer Without Asset Transfer: Taxed in Transferor's Hands Under Section 60, Income Tax Act.</h1> As per section 60 of the Income Tax Act, if an individual transfers income from an asset without transferring the asset itself, the income is taxed in the hands of the transferor. For example, if a person rents out a property they own and transfers the rental income to another individual without transferring the ownership of the property, the rental income will still be taxed as the transferor's income.
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