Transfer of Income without transfer of Assets - Section 60 - Income Tax - Ready Reckoner - Income Tax

Transfer of Income without transfer of Assets - Section 60 Where there is transfer of income by a person to another person, without the transfer of the assets from which the income arises, such income shall be included in the total income of the transferor, whether such transfer is revocable or not. A transfer of income alone without there being a transfer of the source of that income is a mere application of the income. Taxable Person - Transferor who transfers the income. Conditions - Clubbing takes place Irrespective of: Whether such transfer is revocable or not. Whether the transfer is effected before or after the commencement of IT Act. Exception - Section 60 does not apply if corpus itself is transferred.