Section 60 of ITA, 1961 : Section 60: Transfer Of Income Where There Is No Transfer Of Assets
ITA, 1961
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Explanation using Example
Imagine Mr. Sharma transfers the right to receive rent from his property to his son, without actually transferring the property itself. According to Section 60 of the Income-tax Act, 1961, the rent income would still be considered Mr. Sharma's income for tax purposes, even though the son is receiving it. Thus, Mr. Sharma must include this rent in his total income when filing his tax returns.
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