Revocable transfer of Assets - Section 61 - Income Tax - Ready Reckoner - Income Tax

Revocable transfer of Assets - Section 61 Where there is a revocable transfer of an asset by a person to another person, any income arising/derived from such assets shall be included in the total income of the transferor. Transfer includes any settlement, trust, covenant, agreement or arrangement. Taxable Person - Transferor who transfers the Assets.