Revocable transfer of asset as per section 61 of the Income Tax Act, 1961 includes the transfer which gives a right to of the asset or the income from such asset or assets during the of transferee.

CS Executive · Tax Laws · PYQS · December 2020
Revocable transfer of asset as per section 61 of the Income Tax Act, 1961 includes the transfer which gives a right to of the asset or the income from such asset or assets during the of transferee.
(A) Re-assume power; Life time
(B) Revoke; Life time
(C) Transfer; Discretion
(D) Re-locate; Period of 10 years

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Clubbing of Income

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