BUISENESS MANAGEMENT
TAXES
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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P4, 000, 000
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P4, 500, 000
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P5, 000, 000
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P8, 500, 000
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Detailed explanation-1: -(a) a transfer shall be deemed to be revocable if-(i) it contains any provision for the re-transfer directly or indirectly of the whole or any part of the income or assets to the transferor, or.
Detailed explanation-2: -Examples of Revocable Transfer with different situations : X transfers a house property to a trust for the benefit of A and B. However, X has a right to revoke the trust during the lifetime of A and/or B. It is a revocable transfer and income arising from the house property is taxable in the hands of X.
Detailed explanation-3: -The term transfer includes transfer through sale, mortgage, lease, actionable claim, gift or exchange. The Act does not cover transfers by the operation of law, in the form of inheritance, forfeiture, insolvency, or sale through the execution of a decree.
Detailed explanation-4: -The general rule of the Transfer of Property Act is that any property can be transferred whether movable or immovable. Section 6 states that property of any kind can be transferred, except as otherwise provided by this act or by any other act for the time being in force.