X transfers a house property to A. But by a legal clause inserted in the agreement, if X survives A, he shall have the power to take back the asset. The income from this Asset will be taxable in the hands of till, if X re-acquires the asset
A. X
B. A
C. Whose Income (whether it be X or A) is higher
D. None of the above
Answer:B
X transfers a house property to A. But by a legal clause inserted in the agreement, if X survives A, he shall have the power to take back the asset. The income from this Asset will be taxable in the hands of till, if X re-acquires the asset
A. X B. A C. Whose Income (whether it be X or A) is higher D. None of the above