Revocable transfer of Assets -(New) Section 97(1) / (Old) Section 61

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.... to another person but retains the power to revoke or cancel the transfer, the transfer is called a revocable transfer. • Any income generated from such transferred asset is not taxed in the hands of the recipient. • Instead, the income is clubbed with the income of the transferor and taxed in his hands. Meaning of Important Term For the Purpose of Section 97 [&nbsp....