Transfer of Income without transfer of Assets - (New) Section 96 / (Old) Section 60

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Full Text of the Document

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....ust coexist: • (a) There must be a transfer of income • The right to receive income is transferred to another person. • (b) The asset generating the income is not transferred • The ownership of the underlying asset remains with the transferor. • (c) Income arises because of such transfer • The recipient receives the inco....