Section 96
Transfer of income without transfer of assets.
About this Act
An Act to consolidate and amend the law relating to income-tax.
All income arising to any person by virtue of a transfer,—
(a) whether revocable or not, and whether effected before or after the commencement of this Act; and
(b) where there is no transfer of assets from which such income arises, shall be chargeable to income-tax as the income of the transferor and shall be included in his total income.
(a) whether revocable or not, and whether effected before or after the commencement of this Act; and
(b) where there is no transfer of assets from which such income arises, shall be chargeable to income-tax as the income of the transferor and shall be included in his total income.