Section 60- Transfer of Income Where There Is No Transfer of Assets
Updated: Oct 14, 2022
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The Income Tax Act, of 1961 is the main statute of Income Tax in India. It provides for levy, administration, collection, and recovery of Income Tax.
According to Section 60 of The Income Tax Act, 1961,
“All income arising to any persons by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this Act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income of the transferor and shall be included in his total income.”
As per this Section,
Income arising to any person because of a transfer if it is revocable or not revocable or if it is affected before or after the commencement of this act will be where there is no transfer of the assets from the income arises will be chargeable to income tax as the income of the transferor and will be included in his total income.