Start learning →

Under section 62(2), income returns to the transferor when:

AThe power to revoke arises
BThe transferee turns 18
CThe financial year closes
DThe deed gets stamped
Answer & Solution
Correct answer: A. The power to revoke arises
Section 62(2) pulls the income back to the transferor as and when the power to revoke arises.
Practise this question with Quill — CA Inter →

Keep practising Aggregation of Income, Set Off of Losses and Deductions

Browse all Aggregation of Income, Set Off of Losses and Deductions questions for CA Inter, or explore more Taxation topics.

Start a Aggregation of Income, Set Off of Losses and Deductions lesson →
Related questions
For an individual under 80DDB, 'dependant' includes the spouse, children, parents and:For 80DDB, the deduction is reduced by amounts received from:For a senior citizen, the 80DDB limit rises to:Section 80DDB allows the amount actually paid or Rs 40,000, whichever is:A resident supports a disabled dependant and spends on treatment; the base 80DD deduction If the dependant predeceases, the 80DD deposit is:Besides spending on treatment, 80DD also covers payment into a scheme of:Section 80DD grants a deduction for expenditure on a dependant who is: