Total income to include income of any other person
7. (1) The total income of any person shall include the following income of any other person:-
(a) any income transferred, whether revocable or not, to any other person without transferring the asset from which the income accrues;
(b) any income accruing from an asset transferred to any trust, if the transfer is revocable during the life time of the beneficiary of the trust; and
(c) any income accruing from an asset transferred to any other person, not being a trust, if the transfer is revocable during the lifetime of such other person.
(2) For the purpose of this section,-
(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
(ii) it, in any way, gives the transferor a right to re-assume power, directly or indirectly, over the whole or any part of the income or assets;
(b) a transfer shall include any settlement, trust, covenant, agreement or arrangement.
