ITA 2025 · Chapter V
Chapter V
Sections in this chapter
- 96
Transfer of Income Without Asset
Section 96 is the substantive equivalent of 1961 s. 60 — opening provision of Chapter V (Income of Other Persons / Clubbing). Where the income-yielding asset is RETAINED by the transferor but only the INCOME stream is transferred (e.g.,…
- 97
Revocable Transfer of Assets
Section 97 is the substantive equivalent of 1961 ss. 61-63. Sub-section (1) — income from a REVOCABLE transfer of assets is clubbed in the transferor's hands. Sub-section (2) — exception: the transfer is not caught if (a) the transfer is…
- 98
Definitions of Transfer and Revocable Transfer
Section 98 is the substantive equivalent of 1961 s. 63 — the definitional anchor for ss. 96-97. (a) 'Transfer' is defined BROADLY to include any settlement, trust, covenant, agreement or arrangement — far wider than the 'transfer' in s.…
- 99
Spouse Minor Child HUF Clubbing
Section 99 is the substantive equivalent of 1961 ss. 64-65 — the core SPOUSE / MINOR CHILD / HUF clubbing regime. Sub-section (1) — clubs the income of spouse / minor child / son's wife / etc. with the individual's income in specified…
- 100
Liability of Person Whose Income is Clubbed
Section 100 is the substantive equivalent of 1961 s. 65 . Once income of one person is clubbed in another's hands under Chapter V (or s. 25(a) — partner's income through firm), the person in whose NAME the asset stands (or who is the…