X transfers an asset to Y on 10.10.1960. It is revocable but only after 10.10.1966, this transfer will be treated as:
A. Revocable therefore income taxable in the hands of X
B. Irrevocable therefore income taxable in the hands of X
C. Revocable therefore income taxable in the hands of Y
D. Irrevocable therefore income taxable in the hands of Y
Answer:D
X transfers an asset to Y on 10.10.1960. It is revocable but only after 10.10.1966, this transfer will be treated as:
A. Revocable therefore income taxable in the hands of X B. Irrevocable therefore income taxable in the hands of X C. Revocable therefore income taxable in the hands of Y D. Irrevocable therefore income taxable in the hands of Y