Definition of revocable transfer

Types of Transfer of Asset

There are 2 types of transfer

  • Revocable Transfer
  • Irrevocable Transfer

 

 

REVOCABLE TRANSFER I RREVOCABLE TRANSFER

As per Section 63

A transfer is revocable if

  • Transferee can retransfer the asset/income of the asset to transferor
  • Transferor can reassume power over the asset / income of asset

    (take back the asset)

   

Such retransfer or reassuming power may be

  • Direct or indirect
  • Whole or part

 

 

A transfer which is not revocable is called irrevocable transfer

Permanent transfer is called irrevocable transfer

 

 

 

 

 

 

 

 

 

 

 

 

QUESTIONS

State what type of transfer?  

A Gifted Property to B, B Can Give Back To A

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A Gifted Property To B But Income Continues To Be Earned By A

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A Gifted Property To B but property can be taken over by A anytime

View Answer
  1. Income Tax
  2. Clubbing of Income of Other Persons
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